Quarterly report pursuant to Section 13 or 15(d)

Earnings (Loss) Per Common Share

v3.22.4
Earnings (Loss) Per Common Share
6 Months Ended
Dec. 31, 2022
Earnings (Loss) Per Common Share [Abstract]  
Earnings (Loss) Per Common Share

17.   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, 

    

2022

    

2021

2022

    

2021

Basic and diluted numerator:

Net loss attributable to iBio, Inc. from continuing operations

    

$

(10,563)

    

$

(7,191)

$

(18,100)

    

$

(12,379)

Preferred stock dividends – iBio CMO Preferred Tracking Stock

 

 

(22)

 

 

(88)

Net loss available to iBio, Inc. stockholders from continuing operations

$

(10,563)

$

(7,213)

$

(18,100)

$

(12,467)

Net loss available to iBio, Inc. stockholders from discontinued operations

$

(22,990)

$

(4,729)

$

(33,583)

$

(8,480)

Net loss available to iBio, Inc. stockholders - total

$

(33,553)

$

(11,942)

$

(51,683)

$

(20,947)

Basic and diluted denominator:

Weighted-average common shares outstanding

 

9,807

 

8,715

 

9,324

 

8,715

 

 

 

 

Per share amount - continuing operations

$

(1.08)

$

(0.83)

$

(1.94)

$

(1.43)

Per share amount - discontinued operations

$

(2.34)

$

(0.54)

$

(3.60)

$

(0.97)

Per share amount - total

$

(3.42)

$

(1.37)

$

(5.54)

$

(2.40)

In Fiscal 2023 and Fiscal 2022, the Company incurred net losses which cannot be diluted; therefore, basic and diluted loss per common share is the same. As of December 31, 2022 and 2021, shares issuable which could potentially dilute future earnings were as follows:

December 31, 

    

2022

    

2021

(in thousands)

Stock options

 

708

 

598

Restricted stock units

    

231

    

31

Warrants

 

7,994

 

52

Shares excluded from the calculation of diluted loss per share

 

8,933

 

681