| Loss Per Common Share |
Note 12 - Loss 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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SIX MONTHS ENDED |
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December 31, |
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December 31, |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
|
(In thousands, except share and per share amounts) |
Loss from continuing operations |
$ |
(2,885 |
) |
|
$ |
(2,610 |
) |
|
$ |
(5,513 |
) |
|
$ |
(6,292 |
) |
Preferred stock dividend |
(430 |
) |
|
(421 |
) |
|
(859 |
) |
|
(835 |
) |
Net loss from continuing operations, including preferred stock dividends |
(3,315 |
) |
|
(3,031 |
) |
|
(6,372 |
) |
|
(7,127 |
) |
Net loss from discontinued operations |
— |
|
|
(1,502 |
) |
|
— |
|
|
(2,656 |
) |
Net loss attributable to non-controlling interest in subsidiary |
170 |
|
|
— |
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|
170 |
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|
— |
|
Net loss attributable to common stockholders |
$ |
(3,145 |
) |
|
$ |
(4,533 |
) |
|
$ |
(6,202 |
) |
|
$ |
(9,783 |
) |
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|
Basic weighted average shares outstanding |
45,677,540 |
|
|
45,348,709 |
|
|
45,666,211 |
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|
45,348,774 |
|
Add: dilutive effects of in-the-money stock options and non-vested restricted stock grants |
— |
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— |
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— |
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— |
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Diluted weighted average common shares outstanding |
45,677,540 |
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|
45,348,709 |
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|
45,666,211 |
|
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45,348,774 |
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Basic loss per common share: |
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Net loss from continuing operations attributable to Magellan Petroleum Corporation, including preferred stock dividends
|
$(0.07) |
|
$(0.07) |
|
$(0.14) |
|
$(0.16) |
Net loss from discontinued operations |
$0.00 |
|
$(0.03) |
|
$0.00 |
|
$(0.06) |
Net loss attributable to common stockholders |
$(0.07) |
|
$(0.10) |
|
$(0.14) |
|
$(0.22) |
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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
|
$(0.07) |
|
$(0.07) |
|
$(0.14) |
|
$(0.16) |
Net loss from discontinued operations |
$0.00 |
|
$(0.03) |
|
$0.00 |
|
$(0.06) |
Net loss attributable to common stockholders |
$(0.07) |
|
$(0.10) |
|
$(0.14) |
|
$(0.22) |
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 calculations 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 |
|
SIX MONTHS ENDED |
|
December 31, |
|
December 31, |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
In-the-money stock options |
80,000 |
|
|
157,500 |
|
|
80,000 |
|
|
157,500 |
|
Non-vested restricted stock |
350,000 |
|
|
450,000 |
|
|
350,000 |
|
|
450,000 |
|
Convertible preferred stock |
20,441,001 |
|
|
20,089,436 |
|
|
20,441,001 |
|
|
20,089,436 |
|
Total |
20,871,001 |
|
|
20,696,936 |
|
|
20,871,001 |
|
|
20,696,936 |
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