Quarterly report pursuant to Section 13 or 15(d)

Earnings (Loss) Per Common Share

v3.21.1
Earnings (Loss) Per Common Share
 9 Months Ended
Mar. 31, 2021
Earnings (Loss) Per Common Share [Abstract]  
Earnings (Loss) Per Common Share

13.   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, 

 

 

    

2021

    

2020

 

2021

    

2020

 

Basic and diluted numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to iBio, Inc.

    

$

(7,661)

    

$

(4,676)

 

$

(23,323)

    

$

(12,901)

 

Deemed dividends – down round of Series A Preferred and Series B Preferred

 

 

 —

 

 

 —

 

 

 —

 

 

(21,560)

 

Preferred stock dividends – iBio CMO Preferred Tracking Stock

 

 

(64)

 

 

(65)

 

 

(195)

 

 

(196)

 

Net loss available to iBio, Inc. stockholders

 

$

(7,725)

 

$

(4,741)

 

$

(23,518)

 

$

(34,657)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

215,539

 

 

79,917

 

 

188,493

 

 

47,018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share amount

 

$

(0.04)

 

$

(0.06)

 

$

(0.12)

 

$

(0.74)

 

 

In Fiscal 2021 and Fiscal 2020, the Company incurred net losses which cannot be diluted; therefore, basic and diluted loss per common share is the same. As of March 31, 2021 and 2020, shares issuable which could potentially dilute future earnings were as follows:

 

 

 

 

 

 

 

 

March 31, 

 

    

2021

    

2020

 

 

(in thousands)

Stock options

 

5,083

 

2,158

Series A Preferred

 

 —

 

 —

Series B Preferred

    

 —

    

28,925

Restricted stock units

 

644

 

41

Shares excluded from the calculation of diluted loss per share

 

5,727

 

31,124