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EARNINGS PER SHARE
6 Months Ended
Jan. 31, 2018
EARNINGS PER SHARE

(14) 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, 2018 and 2017:

 

     Three Months Ended
January 31,
     Six Months Ended
January 31,
 
     2018      2017      2018      2017  
     (In thousands, except per share data)  

Net income (loss)

   $ 65,089      $ (2,906    $ 59,852      $ (11,449

Less: Preferred dividends on redeemable preferred stock

     (259      —          (259      —    
  

 

 

    

 

 

    

 

 

    

 

 

 

Net income (loss) attributable to common stockholders

   $ 64,830      $ (2,906    $ 59,593      $ (11,449
  

 

 

    

 

 

    

 

 

    

 

 

 

Effect of dilutive securities:

           

5.25% Convertible Senior Notes

     1,748        —          3,459        —    

Redeemable preferred stock

     259        —          259        —    
  

 

 

    

 

 

    

 

 

    

 

 

 

Net income (loss) attributable to common stockholders after assumed conversions

   $ 66,837      $ (2,906    $ 63,311      $ (11,449
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted average common shares outstanding

     58,341        55,083        56,776        55,031  

Weighted average common equivalent shares arising from dilutive stock options, restricted stock, convertible notes and convertible preferred stock

     20,742        —          16,107        —    
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted average number of common and potential common shares

     79,083        55,083        72,883        55,031  
  

 

 

    

 

 

    

 

 

    

 

 

 

Basic net earning (loss) per share attributable to common stockholders:

   $ 1.11      $ (0.05    $ 1.05      $ (0.21

Diluted net earning (loss) per share attributable to common stockholders:

   $ 0.85      $ (0.05    $ 0.87      $ (0.21

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 or preferred stock conversion (calculated using an as-if converted method).

For both the three and six months ended January 31, 2018, approximately 0.5 million 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, 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.