Note 12 - Earnings Per Share
The following table summarizes the computation of basic and diluted earnings (loss) per share for the fiscal years ended:
|
|
|
|
|
|
|
|
|
|
June 30, |
|
2014 |
|
2013 |
|
(In thousands, except share and per share amounts) |
Loss from continuing operations |
$ |
(10,042 |
) |
|
$ |
(16,829 |
) |
Preferred stock dividend |
(1,696 |
) |
|
(722 |
) |
Net loss from continuing operations, net of dividends attributable to preferred stock |
(11,738 |
) |
|
(17,551 |
) |
Net income (loss) from discontinued operations |
25,551 |
|
|
(2,938 |
) |
Net income (loss) attributable to common stockholders |
$ |
13,813 |
|
|
$ |
(20,489 |
) |
|
|
|
|
Basic weighted-average shares outstanding |
45,348,840 |
|
|
49,642,083 |
|
Add: dilutive effects of in-the-money stock options and non-vested restricted stock grants (1)
|
— |
|
|
— |
|
Diluted weighted-average common shares outstanding |
45,348,840 |
|
|
49,642,083 |
|
|
|
|
|
Basic net (loss) earnings per common share: |
|
|
|
Net loss from continuing operations, net of dividends attributable to preferred stock (2)
|
$(0.26) |
|
$(0.35) |
Net income (loss) from discontinued operations |
$0.56 |
|
$(0.06) |
Net income (loss) attributable to common stockholders |
$0.30 |
|
$(0.41) |
|
|
|
|
Diluted net (loss) earnings per common share |
|
|
|
Net loss from continuing operations, net of dividends attributable to preferred stock (2)
|
$(0.26) |
|
$(0.35) |
Net income (loss) from discontinued operations |
$0.56 |
|
$(0.06) |
Net income (loss) attributable to common stockholders |
$0.30 |
|
$(0.41) |
(1) All diluted earnings per share calculations are dictated by the results from continuing operations, accordingly there was no dilutive effect on earnings per share in the periods presented.
(2) Loss from continuing operations is reduced by the contractual amount of Preferred stock dividends that must be expensed for the current period.
There is no dilutive effect on earnings per share in periods with net losses from continuing operations. Stock options or shares of Common Stock issuable upon the conversion of the Series A Preferred Stock were not considered in the calculation of diluted weighted average common shares outstanding, as they would be antidilutive. Potentially dilutive securities excluded from the calculation of diluted shares outstanding in fiscal years with net losses from continuing operations are as follows:
|
|
|
|
|
|
|
|
June 30, |
|
2014 |
|
2013 |
In-the-money stock options |
6,335,622 |
|
|
75,000 |
|
Non-vested restricted stock |
450,000 |
|
|
50,000 |
|
Total potentially dilutive securities |
6,785,622 |
|
|
125,000 |
|
|