Earnings (Loss) per Common Share

6 Months Ended

Dec. 31, 2025

Earnings (Loss) per Common Share

Earnings (Loss) per Common Share

Note 12. Earnings (Loss) per Common Share

The following table sets forth the computation of basic and diluted earnings (loss) per common share, reflecting the application of the two-class method (in thousands, except per share amounts):


		Three Months Ended						Six Months Ended
		December 31,						December 31,
		2025			2024			2025			2024
Numerator
Net income (loss)		$	1,065		$	(1,825)		$	1,889		$	240
Undistributed earnings allocated to unvested restricted stock			(104)			(100)			(186)			(178)
Net income (loss) for earnings per share calculation		$	961		$	(1,925)		$	1,703		$	62

Denominator
Weighted average number of common shares outstanding — Basic			33,904			32,934			33,815			32,828
Effect of dilutive securities:
Unvested restricted stock awards			121			—			141			166
Unvested contingent restricted stock units			—			—			45			—
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share			34,025			32,934			34,001			32,994

Net income (loss) per common share — Basic		$	0.03		$	(0.06)		$	0.05		$	—
Net income (loss) per common share — Diluted		$	0.03		$	(0.06)		$	0.05		$	—

Unvested restricted stock awards, totaling 0.2 million and 0.1 million for the three and six months ended December 31, 2025, respectively, were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive.

Unvested restricted stock awards, totaling 0.8 million for the three months ended December 31, 2024, were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive due to the net loss. Unvested restricted stock awards, totaling 0.1 million for the six months ended December 31, 2024, were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive.

In addition, unvested performance-based restricted stock awards and unvested contingent restricted stock units that would not meet the performance criteria as of the period end are excluded from the computation of diluted earnings per common share.