Earnings Per Share

9 Months Ended

Apr. 30, 2016

(12) EARNINGS PER SHARE

The Company calculates earnings per share in accordance with ASC Topic 260, “Earnings per Share.” The following table reconciles earnings per share for the three and nine months ended April 30, 2016 and 2015:


	Three Months Ended April 30,						Nine Months Ended April 30,
	2016			2015			2016			2015
	(In thousands, except per share data)


Net loss	$	(12,849	)	$	(12,106	)	$	(41,570	)	$	(13,440	)


Weighted average common shares outstanding		52,200			51,750			51,867			51,917
Weighted average common equivalent shares arising from dilutive stock options and restricted stock		—			—			—			—

Weighted average number of common and potential common shares		52,200			51,750			51,867			51,917


Basic net loss per share	$	(0.25	)	$	(0.23	)	$	(0.80	)	$	(0.26	)
Diluted net loss per share	$	(0.25	)	$	(0.23	)	$	(0.80	)	$	(0.26	)

Basic earnings per common share is calculated using the weighted-average number of common shares outstanding during the period. Diluted earnings per common share, if any, gives effect to diluted stock options (calculated based on the treasury stock method), non-vested restricted stock shares purchased under the employee stock purchase plan and shares issuable upon debt conversion (calculated using an as-if converted method).

For the three and nine months ended April 30, 2016, approximately 21.8 million and 21.7 million, respectively, common stock equivalent shares were excluded from the denominator in the calculation of diluted earnings per share as their inclusion would have been antidilutive.

For the three and nine months ended April 30, 2015, approximately 20.5 million and 21.1 million, respectively, common stock equivalent shares were excluded from the denominator in the calculation of diluted earnings per share as their inclusion would have been antidilutive.