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

6 Months Ended

Dec. 31, 2019

11. 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				Six Months ended
	December 31,				December 31,
	2019		2018		2019		2018
Basic and diluted numerator:

Net loss attributable to iBio, Inc.	$	(3,762)	$	(4,469)	$	(8,225)	$	(8,867)
Deemed dividends – down round of Series A Preferred and Series B Preferred		(21,560)		—		(21,560)		—
Preferred stock dividends – iBio CMO Preferred Tracking Stock		(65)		(65)		(131)		(131)
Net loss available to iBio, Inc. stockholders	$	(25,387)	$	(4,534)	$	(29,916)	$	(8,998)

Basic and diluted denominator:

Weighted-average common shares outstanding		36,917		18,688		29,420		18,291

Per share amount	$	(0.69)	$	(0.24)	$	(1.02)	$	(0.49)

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 December 31, 2019 and 2018, shares issuable which could potentially dilute future earnings were as follows:


	December 31,
	2019	2018
	(in thousands)
Stock options	1,259	1,311
Series A Warrants	21,930	—
Series B Warrants	24,930	—
Series A Preferred	60	5,603
Series B Preferred	28,925	6,428
Series C Preferred	100	—
Shares excluded from the calculation of diluted loss per share	77,204	13,342