The following table presents the calculation of basic and diluted net income (loss) per share:


	For the twelve months ended June 30,
(in thousands except per share amounts)	2026			2025
Numerator:
Net (loss) income attributable to Great Elm Group, Inc. stockholders	$	(35,444	)	$	12,891
Effect of dilutive securities:
Interest expense associated with Convertible Notes		-			1,926
Numerator for diluted EPS - Net (loss) income attributable to Great Elm Group, Inc. stockholders after the effect of dilutive securities	$	(35,444	)	$	14,817
Denominator:
Denominator for basic EPS - Weighted average shares of common stock outstanding		30,289			27,642
Effect of dilutive securities:
Restricted stock		-			1,077
Convertible Notes		-			10,098
Denominator for diluted EPS - Weighted average shares of common stock outstanding after the effect of dilutive securities		30,289			38,817
Net (loss) income attributable to stockholders per share
Basic	$	(1.17	)	$	0.47
Diluted		(1.17	)		0.38

The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive.


	For the twelve months ended June 30,
(in thousands)	2026		2025
Restricted stock		256		-
Convertible Notes		10,352		-
Total Anti-Dilutive Securities		10,608		-