EARNINGS PER SHARE

6 Months Ended

Jan. 31, 2017

(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 six months ended January 31, 2017 and 2016:


	Three Months Ended						Six Months Ended
	January 31,						January 31,
	2017			2016			2017			2016
	(In thousands, except per share data)
Net loss	$	(2,906	)	$	(13,948	)	$	(11,449	)	$	(28,721	)

Weighted average common shares outstanding		55,083			51,879			55,031			52,039
Weighted average common equivalent shares arising from dilutive stock options and restricted stock		—			—			—			—

Weighted average number of common and potential common shares		55,083			51,879			55,031			52,039

Basic and diluted net loss per share	$	(0.05	)	$	(0.27	)	$	(0.21	)	$	(0.55	)

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 six months ended January 31, 2017, approximately 14.2 million and 14.5 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 six months ended January 31, 2016, approximately 21.9 million and 21.8 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.