| Earnings Per Common Share |
Note 12 - Earnings Per Common Share
The following table summarizes the computation of basic and diluted earnings 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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2014 |
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2013 |
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2014 |
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2013 |
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(In thousands, except share and per share amounts) |
Loss from continuing operations |
$ |
(3,073 |
) |
|
$ |
(3,726 |
) |
|
$ |
(9,364 |
) |
|
$ |
(11,364 |
) |
Preferred stock dividend |
(431 |
) |
|
— |
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|
(1,267 |
) |
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— |
|
Net loss |
(3,504 |
) |
|
(3,726 |
) |
|
(10,631 |
) |
|
(11,364 |
) |
Net income (loss) from discontinued operations |
27,593 |
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|
(606 |
) |
|
24,937 |
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|
(5,564 |
) |
Net income (loss) attributable to common stockholders |
$ |
24,089 |
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|
$ |
(4,332 |
) |
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$ |
14,306 |
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$ |
(16,928 |
) |
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Basic weighted average shares outstanding |
45,348,709 |
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|
46,084,149 |
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45,348,753 |
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51,302,369 |
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Add: dilutive effects of in-the-money stock options and non-vested restricted stock grants (1)
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— |
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— |
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— |
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— |
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Diluted weighted average common shares outstanding |
45,348,709 |
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|
46,084,149 |
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45,348,753 |
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51,302,369 |
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Basic earnings (loss) per common share: |
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Loss from continuing operations |
$(0.07) |
|
$(0.08) |
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$(0.21) |
|
$(0.22) |
Net income (loss) from discontinued operations |
$0.61 |
|
$(0.01) |
|
$0.55 |
|
$(0.11) |
Net income (loss) attributable to common stockholders |
$0.53 |
|
$(0.09) |
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$0.32 |
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$(0.33) |
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Diluted earnings (loss) per common share: |
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Loss from continuing operations |
$(0.07) |
|
$(0.08) |
|
$(0.21) |
|
$(0.22) |
Net income (loss) from discontinued operations |
$0.61 |
|
$(0.01) |
|
$0.55 |
|
$(0.11) |
Net income (loss) attributable to common stockholders |
$0.53 |
|
$(0.09) |
|
$0.32 |
|
$(0.33) |
(1) All diluted earnings per share calculations are dictated by the results from continuing operations, accordingly there were no dilutive effect on earnings per share in the periods presented.
There is no dilutive effect on earnings per share in periods with net losses. 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 periods with net losses 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, |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
In-the-money stock options |
5,143,666 |
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|
75,000 |
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|
907,500 |
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|
82,500 |
|
Non-vested restricted stock |
850,000 |
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|
— |
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|
900,000 |
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— |
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Total |
5,993,666 |
|
|
75,000 |
|
|
1,807,500 |
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|
82,500 |
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