EARNINGS (LOSS) PER SHARE

9 Months Ended

Apr. 30, 2023

The following table reconciles net earnings (loss) per share for the three and nine months ended April 30, 2023 and 2022:


	Three Months Ended April 30,				Nine Months Ended April 30,
	2023		2022		2023		2022
	(In thousands, except per share data)
Reconciliation of net income (loss) to net income (loss) attributable to common stockholders after assumed conversions:
Net income (loss) from continuing operations	$	3,029	$	(9,695)	$	7,460	$	(12,163)
Income (loss) from discontinued operations	—		39,895		—		(108)
Net income (loss)	3,029		30,200		7,460		(12,271)
Less: Preferred dividends on redeemable preferred stock	(519)		(537)		(1,593)		(1,611)
Net income (loss) attributable to common stockholders	$	2,510	$	29,663	$	5,867	$	(13,882)

Effect of dilutive securities:

Dividends on preferred stock	519		—		1,593		—
Net income (loss) attributable to common stockholders - assuming dilution	$	3,029	$	29,663	$	7,460	$	(13,882)

Net income (loss) per common share - basic
Net income (loss) from continuing operations	$	0.04	$	(0.17)	$	0.10	$	(0.23)
Net income from discontinued operations	—		0.67		—		—
Net income (loss) attributable to common stockholders	$	0.04	$	0.50	$	0.10	$	(0.23)

Net income (loss) per common share - diluted
Net income (loss) from continuing operations	$	0.04	$	(0.17)	$	0.09	$	(0.23)
Net income from discontinued operations	—		0.67		—		—
Net income (loss) attributable to common stockholders	$	0.04	$	0.50	$	0.09	$	(0.23)

Weighted average common shares outstanding - basic	60,305		59,853		60,186		59,961
Effect of dilutive securities:
Common stock equivalents - Restricted stock and restricted stock shares	533		—		516		—

Common stock equivalents - Preferred stock	17,857		—		17,857		—
Weighted average common shares outstanding - diluted	78,695		59,853		78,559		59,961

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 April 30, 2023, $0.7 million of interest expense, net of tax related to convertible debt was excluded from the numerator in the calculation of diluted net income per share as their inclusion would have been antidilutive. For the three months ended April 30, 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) income per share as their inclusion would have been antidilutive.

For the three months ended April 30, 2023, 5.9 million common stock equivalent shares (including those related to convertible debt) were excluded from the denominator in the calculation of diluted net income per share as their inclusion would have been antidilutive. For the three months ended April 30, 2022, 24.6 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) income per share as their inclusion would have been antidilutive.

For the nine months ended April 30, 2023, $2.3 million of interest expense, net of tax related to convertible debt was excluded from the numerator in the calculation of diluted net income per share as their inclusion would have been antidilutive. For the nine months ended April 30, 2022, $2.1 million of interest expense, net of tax impact related to convertible debt and $1.6 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 nine months ended April 30, 2023, 5.9 million common stock equivalent shares (including those related to convertible debt) were excluded from the denominator in the calculation of diluted net income per share as their inclusion would have been antidilutive. For the nine months ended April 30, 2022, 24.6 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.