EARNINGS PER SHARE CALCULATION
The calculation of basic and diluted earnings per share is presented below:
Year ended June 30,
($ in thousands, except share and per share data)202520242023
Numerator for basic and diluted earnings per share
Net income$64,533 $11,993 $633 
Preferred dividends(578)(578)(623)
Net income available to common shareholders$63,955 $11,415 $10 
Denominator for basic earnings per share - Weighted average shares outstanding
73,162,211 72,819,220 71,978,901 
Effect of dilutive potential common shares1,520,854 1,352,878 535,733 
Denominator for diluted earnings per share - Adjusted weighted average shares outstanding
74,683,065 74,172,098 72,514,634 
Basic earnings per share$0.87 $0.16 $— 
Diluted earnings per share$0.86 $0.15 $— 
Potentially anti-dilutive shares excluded from the calculation of diluted earnings per share were approximately 0.9 million, 0.0 million, and 4.2 million for the year ended June 30, 2025, 2024 and 2023, respectively.

Historical Timeline

Fiscal YearFiled
2025Sep 8, 2025Showing above
2017Aug 23, 2017
2016Sep 13, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.