EARNINGS (LOSS) 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, 2019 and 2018:



	Three Months Ended April 30,						Nine Months Ended April 30,
	2019			2018			2019			2018
	(In thousands, except per share data)
Net income (loss)	$	(9,627	)	$	(10,333	)	$	(28,745	)	$	44,248
Less: Preferred dividends on redeemable preferred stock	(525		)	(529		)	(1,598		)	(799		)
Net income (loss) attributable to common stockholders	(10,152		)	(10,862		)	(30,343		)	43,449
Effect of dilutive securities:
5.25% Convertible Senior Notes	—			—			—			5,248
Redeemable preferred stock	—			—			—			788
Net income (loss) attributable to common stockholders after assumed conversions	$	(10,152	)	$	(10,862	)	$	(30,343	)	$	49,485
Weighted average common shares outstanding	61,393			60,076			61,111			58,281
Weighted average common equivalent shares arising from dilutive stock options, restricted stock, convertible notes and convertible preferred stock	—			—			—			20,653
Weighted average number of common and potential common shares	61,393			60,076			61,111			78,934
Basic net earnings (loss) per share attributable to common stockholders:	$	(0.17	)	$	(0.18	)	$	(0.50	)	$	0.75
Diluted net earnings (loss) per share attributable to common stockholders:	$	(0.17	)	$	(0.18	)	$	(0.50	)	$	0.63

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 the three and nine months ended April 30, 2019, approximately 22.5 million and 19.6 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, 2018, approximately 29.6 million and 0.5 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.