Earnings (Loss) Per Share

9 Months Ended

Mar. 31, 2020

EARNINGS (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted net income (loss) per share:


	Three Months Ended March 31,						Nine Months Ended March 31,
	2020		2019		2020		2019
Numerator:
Net income (loss) from continuing operations	$	25,036	$	8,783	$	21,935	$	(46,091)
Net loss from discontinued operations, net of tax	(697)		(74,620)		(105,581)		(123,672)
Net income (loss)	$	24,339	$	(65,837)	$	(83,646)	$	(169,763)

Denominator:
Basic weighted average shares outstanding	104,032		104,117		104,192		104,045
Effect of dilutive stock options, unvested restricted stock and unvested restricted share units	305		217		297		—
Diluted weighted average shares outstanding	104,337		104,334		104,489		104,045

Basic net income (loss) per common share⁽¹⁾:
Continuing operations	$	0.24	$	0.08	$	0.21	$	(0.44)
Discontinued operations	(0.01)		(0.72)		(1.01)		(1.19)
Basic net income (loss) per common share	$	0.23	$	(0.63)	$	(0.80)	$	(1.63)

Diluted net income (loss) per common share⁽¹⁾:
Continuing operations	$	0.24	$	0.08	$	0.21	$	(0.44)
Discontinued operations	(0.01)		(0.72)		(1.01)		(1.19)
Diluted net income (loss) per common share	$	0.23	$	(0.63)	$	(0.80)	$	(1.63)
⁽¹⁾Net income (loss) per common share may not add in certain periods due to rounding.

Basic net income (loss) per share excludes the dilutive effects of stock options, unvested restricted stock and unvested restricted share units.

Due to our net loss in the nine months ended March 31, 2019, all common stock equivalents such as stock options and unvested restricted stock awards have been excluded from the computation of diluted net loss per common share because the effect would have been anti-dilutive to the computations in the period. Diluted earnings per share for the three and nine months ended March 31, 2020 and the three months ended March 31, 2019 includes the dilutive effects of common stock equivalents such as stock options and unvested restricted stock awards.

There were 512 and 273 restricted stock awards and stock options excluded from our calculation of diluted net income (loss) per share for the three months ended March 31, 2020 and 2019, respectively, as such awards were anti-dilutive. Additionally, there were 2,616 and 3,071 stock-based awards excluded for the three months ended March 31, 2020 and 2019, respectively, as such awards were contingently issuable based on market or performance conditions, and such conditions had not been achieved during the respective periods.

There were 450 and 731 restricted stock awards and stock options excluded from our calculation of diluted net income (loss) per share for the nine months ended March 31, 2020 and 2019, respectively, as such awards were anti-dilutive. Additionally, there were 2,685 and 3,117 stock-based awards excluded for the nine months ended March 31, 2020 and 2019, respectively, as such awards were contingently issuable based on market or performance conditions, and such conditions had not been achieved during the respective periods.

Share Repurchase Program

On June 21, 2017, the Company's Board of Directors authorized the repurchase of up to $250,000 of the Company’s issued and outstanding common stock. Repurchases may be made from time to time in the open market, pursuant to pre-set trading plans, in private transactions or otherwise. The authorization does not have a stated expiration date. The extent to which the Company repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations, including the Company’s historical strategy of pursuing accretive acquisitions. During the three and nine months ended March 31, 2020, the Company repurchased 2,439 shares under the repurchase program for a total of $57,357, excluding commissions, at an average price of $23.52 per share. As of March 31, 2020, the Company had $192,643 of remaining authorization under the share repurchase program.