Annual report pursuant to Section 13 and 15(d)

(Loss) Earnings Per Share

v2.4.0.8
(Loss) Earnings Per Share
 12 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
(Loss) Earnings Per Share
Note 10 - (Loss) Earnings Per Share
For the year ended June 30, 2012, outstanding stock options that had an exercise price below the average stock price would have resulted in 448,269 incremental dilutive shares. There is no dilutive effect on loss per share for the fiscal year ended June 30, 2013 as a result of net losses.
The following table summarizes the computation of basic and diluted (loss) earnings per share for the fiscal years ended:
 
June 30,
 
2013
 
2012
 
(In thousands, except share and per share amounts)
NET (LOSS) INCOME APPLICABLE TO MAGELLAN PETROLEUM CORPORATION
$
(19,767
)
 
$
26,498

Preferred stock dividend and accretion of preferred stock
(722
)
 
—

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(20,489
)
 
$
26,498

 
 
 
 
 
 
 
 
Basic weighted-average shares outstanding
49,642,083

 
53,592,958

Add: dilutive effects of stock options and unvested stock grants
—

 
448,269

Diluted weighted-average common shares outstanding
49,642,083

 
54,041,227

 
 
 
 
Basic net loss (earnings) per common share
$(0.41)
 
$0.49
Diluted net loss (earnings) per common share
$(0.41)
 
$0.49
The following table summarizes potentially dilutive securities excluded from the calculation of diluted shares outstanding for the fiscal years ended:
 
June 30,
 
2013
 
2012
Series A convertible preferred stock
19,239,734

 
—

Stock options
—

 
100,000

Non-vested restricted stock
75,000

 
—

Total potentially dilutive securities
19,314,734

 
100,000

There were no other potentially dilutive items for the years ended June 30, 2013, and 2012.