EARNINGS (LOSS) PER SHARE

The following table reconciles earnings (loss) per share for the three and nine months ended months ended April 30, 2020 and 2019:



	Three Months Ended April 30,						Nine Months Ended April 30,
	2020			2019			2020			2019
	(In thousands, except per share data)
Net loss	$	(6,159	)	$	(9,627	)	$	(4,924	)	$	(28,745	)
Less: Preferred dividends on redeemable preferred stock	(525		)	(525		)	(1,592		)	(1,598		)
Net loss attributable to common stockholders	$	(6,684	)	$	(10,152	)	$	(6,516	)	$	(30,343	)

Weighted average common shares outstanding	61,815			61,393			61,583			61,111
Weighted average common equivalent shares arising from restricted stock	—			—			—			—
Weighted average number of common and potential common shares	61,815			61,393			61,583			61,111
Basic net loss per share attributable to common stockholders	$	(0.11	)	$	(0.17	)	$	(0.11	)	$	(0.50	)
Diluted net loss per share attributable to common stockholders	$	(0.11	)	$	(0.17	)	$	(0.11	)	$	(0.50	)

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 April 30, 2020 and 2019, approximately 25.0 million and 22.5 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 (loss) per share as their inclusion would have been antidilutive. For the nine months ended April 30, 2020 and 2019, approximately 24.5 million and 19.6 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 (loss) per share as their inclusion would have been antidilutive.