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

Quarterly report pursuant to Section 13 or 15(d)

Earnings (Loss) Per Common Share

Earnings (Loss) Per Common Share

9 Months Ended

Mar. 31, 2020

12. Earnings (Loss) Per Common Share

Basic earnings (loss) per common share is computed by dividing the net income (loss) allocated to common stockholders by the weighted-average number of shares of common stock outstanding during the period. For purposes of calculating diluted earnings (loss) per common share, the denominator includes both the weighted-average number of shares of common stock outstanding during the period and the number of common stock equivalents if the inclusion of such common stock equivalents is dilutive. Dilutive common stock equivalents potentially include stock options and warrants using the treasury stock method. The following table summarizes the components of the earnings (loss) per common share calculation (in thousands, except per share amounts):


	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2020		2019		2020		2019
Basic and diluted numerator:

Net loss attributable to iBio, Inc.	$	(4,676)	$	(4,223)	$	(12,901)	$	(13,090)
Deemed dividends – down round of Series A Preferred and Series B Preferred		—		—		(21,560)		—
Preferred stock dividends – iBio CMO Preferred Tracking Stock		(65)		(64)		(196)		(195)
Net loss available to iBio, Inc. stockholders	$	(4,741)	$	(4,287)	$	(34,657)	$	(13,285)

Basic and diluted denominator:

Weighted-average common shares outstanding		79,917		19,224		47,018		18,597

Per share amount	$	(0.06)	$	(0.22)	$	(0.74)	$	(0.71)

In Fiscal 2020 and Fiscal 2019, the Company incurred net losses which cannot be diluted; therefore, basic and diluted loss per common share is the same. As of March 31, 2020 and 2019, shares issuable which could potentially dilute future earnings were as follows:


	March 31,
	2020	2019
	(in thousands)
Stock options	2,158	947
Series A Preferred	—	4,980
Series B Preferred	28,925	6,428
Restricted stock units	41	—
Shares excluded from the calculation of diluted loss per share	31,124	12,355