Basic earnings (loss) per share is computed by dividing the net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the respective period. Diluted loss per share includes certain adjustments to basic earnings per share for income and to common shares outstanding that could occur if RSUs, PSUs, stock options and convertible securities such as the Convertible Notes and warrants were exercised or converted into common stock. Diluted loss per share equals basic loss per share for the years ended June 30, 2026 and 2025, as the effect of including dilutive securities and adjustments to income in the calculation would be antidilutive, primarily because there was a net loss in such years. For a complete description of the terms of the Convertible Notes, warrants and outstanding equity awards, refer to Note 7-Debt, Note 10-Equity and Note 11-Share Based Compensation, respectively.

For the years ended June 30, 2026 and 2025, the following effects are excluded from the computation of dilutive loss per share as such effects would have an anti-dilutive effect.


	Year Ended June 30,
	2026		2025
	(in thousands)
Interest expense on convertible notes, net of amounts capitalized	$	—	$	6,451
Derivative gain (loss) — convertible note derivatives	$	—	$	1,357
Gain (loss on extinguishment of debt	$	—	$	17,333
Additional shares assuming conversion of convertible notes(1)		—		3,120
Additional shares assuming exercise of warrants(2)		3,280		6,096
Stock options, unvested restricted stock units and performance share units excluded due to anti-dilutive effect		987		725

(1)

Represents the shares that would have been issued if noteholders had elected to convert the Convertible Notes into shares of Common Stock based upon the principal and accrued interest balance and Conversion Rate applicable at the beginning of the respective period, or at the issuance date of such Convertible Notes, if later.

12. Earnings (Loss) Per Common Share