EARNINGS (LOSS) PER SHARE

The following table reconciles earnings (loss) per share for the three and six months ended months ended January 31, 2020 and 2019:



	Three Months Ended January 31,						Six Months Ended January 31,
	2020			2019			2020			2019
	(In thousands, except per share data)
Net income (loss)	$	(3,557	)	$	(11,753	)	$	1,235		$	(19,118	)
Less: Preferred dividends on redeemable preferred stock	(531		)	(536		)	(1,067		)	(1,073		)
Net income (loss) attributable to common stockholders	$	(4,088	)	$	(12,289	)	$	168		$	(20,191	)

Weighted average common shares outstanding	61,538			60,935			61,469			60,974
Weighted average common equivalent shares arising from restricted stock	—			—			13			—
Weighted average number of common and potential common shares	61,538			60,935			61,482			60,974
Basic net earnings (loss) per share attributable to common stockholders	$	(0.07	)	$	(0.20	)	$	0.00		$	(0.33	)
Diluted net earnings (loss) per share attributable to common stockholders	$	(0.07	)	$	(0.20	)	$	0.00		$	(0.33	)

Basic net earnings (loss) per common share is calculated using the weighted-average number of common shares outstanding during the period. Diluted net 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 months ended January 31, 2020 and 2019, approximately 24.5 million and 28.9 million, respectively, common stock equivalent shares were excluded from the denominator in the calculation of diluted net earnings per share as their inclusion would have been antidilutive. For the six months ended January 31, 2020 and 2019, approximately 24.5 million and 28.9 million, respectively, common stock equivalent shares (including those related to convertible debt and preferred stock) were excluded from the denominator in the calculation of diluted net earnings per share as their inclusion would have been antidilutive.