| Earnings (Loss) Per Common Share |
Note 12 - Earnings (Loss) Per Common Share
The following table summarizes the computation of basic and diluted earnings (loss) per share:
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THREE MONTHS ENDED |
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NINE MONTHS ENDED |
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March 31, |
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March 31, |
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2016 |
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2015 |
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2016 |
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2015 |
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(In thousands, except share and per share amounts) |
Loss from continuing operations, net of tax |
$ |
(2,064 |
) |
|
$ |
(766 |
) |
|
$ |
(5,223 |
) |
|
$ |
(5,486 |
) |
Preferred stock dividend |
(468 |
) |
|
(437 |
) |
|
(1,381 |
) |
|
(1,296 |
) |
Adjustment of preferred stock to redemption value (Note 10) |
3,730 |
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|
— |
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|
3,730 |
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— |
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Net earnings (loss) from continuing operations, including preferred stock dividends and gain on redemption of preferred stock |
1,198 |
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(1,203 |
) |
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(2,874 |
) |
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(6,782 |
) |
Net loss from discontinued operations |
(12,458 |
) |
|
(1,349 |
) |
|
(13,718 |
) |
|
(1,972 |
) |
Net loss attributable to common stockholders |
$ |
(11,260 |
) |
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$ |
(2,552 |
) |
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$ |
(16,592 |
) |
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$ |
(8,754 |
) |
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Basic weighted average shares outstanding |
5,762,634 |
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5,712,638 |
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5,740,904 |
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5,709,709 |
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Add: dilutive effects of convertible preferred stock |
2,737,637 |
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— |
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— |
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— |
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Diluted weighted average common shares outstanding |
8,500,271 |
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5,712,638 |
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5,740,904 |
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5,709,709 |
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Basic earnings (loss) per common share: |
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Net earnings (loss) from continuing operations attributable to Magellan Petroleum Corporation, including preferred stock dividends and adjustment to redemption value of preferred stock |
$0.21 |
|
$(0.21) |
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$(0.50) |
|
$(1.19) |
Net loss from discontinued operations |
$(2.16) |
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$(0.24) |
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$(2.39) |
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$(0.35) |
Net loss attributable to common stockholders |
$(1.95) |
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$(0.45) |
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$(2.89) |
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$(1.53) |
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Diluted loss per common share: |
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Net loss from continuing operations attributable to Magellan Petroleum Corporation, including preferred stock dividends and adjustment to redemption value of preferred stock in periods where the conversion effect would be anti-dilutive |
$(0.24) |
|
$(0.21) |
|
$(0.50) |
|
$(1.19) |
Net loss from discontinued operations |
$(1.47) |
|
$(0.24) |
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$(2.39) |
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$(0.35) |
Net loss attributable to common stockholders |
$(1.71) |
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$(0.45) |
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$(2.89) |
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$(1.53) |
There is no dilutive effect on earnings (loss) per share in periods with net losses. Stock options were not considered in the calculations of diluted weighted average common shares outstanding as they would be anti-dilutive. Shares of common stock issuable upon the conversion of the Series A Preferred Stock were not considered in the calculations of diluted weighted average common shares outstanding for the nine months ended March 31, 2016, and for the three and nine months ended March 31, 2015, as they would be anti-dilutive due to net losses in those periods.
Potentially dilutive securities excluded from the calculation of diluted shares outstanding are as follows:
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THREE MONTHS ENDED |
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NINE MONTHS ENDED |
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March 31, |
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March 31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
In-the-money stock options |
— |
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— |
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— |
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|
122,099 |
|
Common shares issuable upon conversion of Series A Preferred Stock |
— |
|
|
2,554,102 |
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|
2,690,823 |
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|
2,524,817 |
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Total |
— |
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2,554,102 |
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2,690,823 |
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2,646,916 |
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