EARNINGS (LOSS) PER SHARE

6 Months Ended

Jan. 31, 2023

The following table reconciles net earnings (loss) per share for the three and six months ended January 31, 2023 and 2022:


	Three Months Ended January 31,				Six Months Ended January 31,
	2023		2022		2023		2022
	(In thousands, except per share data)
Reconciliation of net (loss) income to net (loss) income attributable to common stockholders after assumed conversions:
Net (loss) income from continuing operations	$	(526)	$	(1,486)	$	4,431	$	(2,469)
Loss from discontinued operations	—		(21,491)		—		(40,002)
Net (loss) income	(526)		(22,977)		4,431		(42,471)
Less: Preferred dividends on redeemable preferred stock	(537)		(537)		(1,074)		(1,074)
Net (loss) income attributable to common stockholders	$	(1,063)	$	(23,514)	$	3,357	$	(43,545)






Net (loss) income per common share - basic
Net (loss) income from continuing operations	$	(0.02)	$	(0.03)	$	0.06	$	(0.06)
Net loss from discontinued operations	—		(0.36)		—		(0.67)
Net (loss) income attributable to common stockholders	$	(0.02)	$	(0.39)	$	0.06	$	(0.73)

Net (loss) income per common share - diluted
Net (loss) income from continuing operations	$	(0.02)	$	(0.03)	$	0.06	$	(0.06)
Net loss from discontinued operations	—		(0.36)		—		(0.67)
Net (loss) income attributable to common stockholders	$	(0.02)	$	(0.39)	$	0.06	$	(0.73)

Weighted average common shares outstanding - basic	60,178		59,748		60,129		60,027
Effect of dilutive securities:
Common stock equivalents - Restricted stock and restricted stock shares	—		—		508		—


Weighted average common shares outstanding - diluted	60,178		59,748		60,637		60,027

Basic net (loss) income per common share is calculated using the weighted average number of common shares outstanding during the period.

Diluted net (loss) income per common share considers the impact of potentially dilutive securities except in periods in which there is a net loss because the inclusion of the potential common shares would have an anti-dilutive effect. Diluted net (loss) income 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, 2023, $0.8 million of interest expense, net of tax related to convertible debt and $0.5 million of preferred dividends were excluded from the numerator in the calculation of diluted net loss per share as their inclusion would have been antidilutive. For the three months ended January 31, 2022, $0.7 million of interest expense, net of tax impact related to convertible debt and $0.5 million of preferred dividends were excluded from the numerator in the calculation of diluted net loss per share as their inclusion would have been antidilutive.

For the three months ended January 31, 2023 and 2022, 24.7 million 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, 2023, $1.6 million of interest expense, net of tax related to convertible debt and $1.1 million of preferred dividends were excluded from the numerator in the calculation of diluted net income per share as their inclusion would have been antidilutive. For the six months ended January 31, 2022, $1.4 million of interest expense, net of tax impact related to convertible debt and $1.1 million of preferred dividends were excluded from the numerator in the calculation of diluted net loss per share as their inclusion would have been antidilutive.

For the six months ended January 31, 2023, 24.2 million common stock equivalent shares (including those related to convertible debt and preferred stock) were excluded from the denominator in the calculation of diluted net income per share as their inclusion would have been antidilutive. For the six months ended January 31, 2022, 24.7 million 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.