| (Loss) Income Per Common Share |
Note 12 - (Loss) Income 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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2015 |
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2014 |
|
2015 |
|
2014 |
|
(In thousands, except share and per share amounts) |
Loss from continuing operations, net of tax |
$ |
(2,280 |
) |
|
$ |
(3,072 |
) |
|
$ |
(7,793 |
) |
|
$ |
(9,364 |
) |
Preferred stock dividend |
(437 |
) |
|
(432 |
) |
|
(1,296 |
) |
|
(1,267 |
) |
Net loss from continuing operations, including preferred stock dividends |
(2,717 |
) |
|
(3,504 |
) |
|
(9,089 |
) |
|
(10,631 |
) |
Net income from discontinued operations |
— |
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|
27,593 |
|
|
— |
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|
24,937 |
|
Net loss attributable to non-controlling interest in subsidiary |
165 |
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|
— |
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|
335 |
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|
— |
|
Net (loss) income attributable to common stockholders |
$ |
(2,552 |
) |
|
$ |
24,089 |
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|
$ |
(8,754 |
) |
|
$ |
14,306 |
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Basic weighted average shares outstanding |
45,701,107 |
|
|
45,348,709 |
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|
45,677,673 |
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|
45,348,753 |
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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 |
45,701,107 |
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|
45,348,709 |
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|
45,677,673 |
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|
45,348,753 |
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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 |
$(0.06) |
|
$(0.08) |
|
$(0.19) |
|
$(0.23) |
Net income from discontinued operations |
$0.00 |
|
$0.61 |
|
$0.00 |
|
$0.55 |
Net (loss) income attributable to common stockholders |
$(0.06) |
|
$0.53 |
|
$(0.19) |
|
$0.32 |
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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 |
$(0.06) |
|
$(0.08) |
|
$(0.19) |
|
$(0.23) |
Net income from discontinued operations |
$0.00 |
|
$0.61 |
|
$0.00 |
|
$0.55 |
Net (loss) income attributable to common stockholders |
$(0.06) |
|
$0.53 |
|
$(0.19) |
|
$0.32 |
(1) All diluted earnings per share calculations are dictated by results from continuing operations; accordingly, there were no dilutive effects on earnings per share in the periods presented since all such periods had a net loss from continuing operations.
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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 |
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NINE MONTHS ENDED |
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March 31, |
|
March 31, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
In-the-money stock options |
— |
|
|
5,143,666 |
|
|
7,776,666 |
|
|
907,500 |
|
Non-vested restricted stock |
350,000 |
|
|
450,000 |
|
|
350,000 |
|
|
450,000 |
|
Convertible preferred stock |
20,798,719 |
|
|
20,089,436 |
|
|
20,798,719 |
|
|
20,089,436 |
|
Total |
21,148,719 |
|
|
25,683,102 |
|
|
28,925,385 |
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|
21,446,936 |
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