Tellurian Inc. Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

3 Months Ended

Sep. 30, 2012

Note 8 - Earnings Per Common Share

The following table summarizes the computation of basic and diluted earnings per share for the three months ended:



	September 30,
	2012			2011
	(In thousands, except share and per share amounts)
Net (loss) income attributable to Magellan Petroleum Corporation	$	(5,310	)	$	940

Basic weighted average shares outstanding	53,849,181			52,915,811
Add: dilutive effects of stock options and unvested stock grants ⁽¹⁾	—			1,804,917
Diluted weighted average common shares outstanding	53,849,181			54,720,728

Net (loss) income per basic share outstanding	$	(0.10	)	$	0.02
Net (loss) income per diluted share outstanding	$	(0.10	)	$	0.02

⁽¹⁾ There is no dilutive effect on earnings per share in periods with net losses.

Potentially dilutive securities excluded from the calculation of diluted shares outstanding include the following for the three months ended:

The entire disclosure for earnings per share.