(LOSS) EARNINGS PER SHARE

6 Months Ended

Jan. 31, 2021

The following table reconciles (loss) earnings per share for the three and six months ended January 31, 2021 and 2020:


	Three Months Ended January 31,				Six Months Ended January 31,
	2021		2020		2021		2020
	(In thousands, except per share data)
Net (loss) income	$	(2,196)	$	(3,557)	$	(5,747)	$	1,235
Less: Preferred dividends on redeemable preferred stock	(530)		(531)		(1,067)		(1,067)
Net (loss) income attributable to common stockholders	(2,726)		(4,088)		(6,814)		168
7.50% Convertible Senior Note	—		—		—		—
Redeemable preferred stock	—		—		—		—
Net (loss) income attributable to common stockholders after assumed conversions	$	(2,726)	$	(4,088)	$	(6,814)	$	168

Weighted average common shares outstanding	62,028		61,538		61,961		61,469
Weighted average common equivalent shares arising from dilutive stock options, restricted stock, convertible note and convertible preferred stock	—		—		—		13
Weighted average number of common and potential common shares	62,028		61,538		61,961		61,482
Basic net (loss) income per share attributable to common stockholders	$	(0.04)	$	(0.07)	$	(0.11)	$	0.00
Diluted net (loss) income per share attributable to common stockholders	$	(0.04)	$	(0.07)	$	(0.11)	$	0.00

Basic net (loss) earnings 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, 2021 and 2020, approximately 24.2 million and 24.5 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 loss per share as their inclusion would have been antidilutive. For the six months ended January 31, 2021 and 2020, approximately 24.2 million and 24.5 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 per share as their inclusion would have been antidilutive.