EARNINGS (LOSS) PER SHARE

12 Months Ended

Jul. 31, 2020

Earnings (Loss) Per Share

The following table reconciles loss per share for the fiscal years ended July 31, 2020 and 2019.



	Fiscal Year Ended July 31,
	2020			2019
	(In thousands, except per share data)
Net loss	$	(5,284	)	$	(66,727	)
Less: Preferred dividends on redeemable preferred stock	(2,129		)	(2,129		)
Net loss attributable to common stockholders	(7,413		)	(68,856		)
Effect of dilutive securities:
7.50% Convertible Senior Note	—			—
Redeemable preferred stock	—			—
Net loss attributable to common stockholders after assumed conversions	$	(7,413	)	$	(68,856	)
Weighted average common shares outstanding	61,644			61,180
Weighted average common equivalent shares arising from dilutive stock options, restricted stock, convertible notes and convertible preferred stock	—			—
Weighted average number of common and potential common shares	61,644			61,180
Basic and diluted net loss per share attributable to common stockholders	$	(0.12	)	$	(1.13	)

Approximately 24.4 million and 20.9 million common stock equivalent shares relating to the effects of outstanding stock options, restricted stock, the SPHG Note and redeemable preferred stock were excluded from the denominator in the calculation of diluted earnings per share for the fiscal years ended July 31, 2020 and 2019, respectively. The common stock equivalent shares excluded during the fiscal years ended July 31, 2020 and 2019 were primarily excluded as their effect would be anti-dilutive. The common stock equivalent shares excluded during the years ended July 31, 2020 and 2019 were primarily excluded as the options were out-of-the-money. Approximately 6.3 million and 2.6 million common shares outstanding associated with the SPHG Note, using the if-converted method, were excluded from the denominator in the calculation of diluted earnings (loss) per share for the fiscal years ended July 31, 2020 and 2019, respectively. Approximately 17.9 million common shares outstanding associated with the contingently redeemable preferred stock, using the if-converted method, were excluded from the denominator in the calculation of diluted earnings (loss) per share for both the fiscal years ended July 31, 2020 and 2019.