(Loss) Income Per Common Share (Tables)

9 Months Ended

Mar. 31, 2015

Schedule of Earnings Per Share, Basic and Diluted

The following table summarizes the computation of basic and diluted earnings per share:



	THREE MONTHS ENDED						NINE MONTHS ENDED
	March 31,						March 31,
	2015			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	—			27,593			—			24,937
Net loss attributable to non-controlling interest in subsidiary	165			—			335			—
Net (loss) income attributable to common stockholders	$	(2,552	)	$	24,089		$	(8,754	)	$	14,306

Basic weighted average shares outstanding	45,701,107			45,348,709			45,677,673			45,348,753
Add: dilutive effects of in-the-money stock options and non-vested restricted stock grants ⁽¹⁾	—			—			—			—
Diluted weighted average common shares outstanding	45,701,107			45,348,709			45,677,673			45,348,753

Basic loss per common share:
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

Diluted loss per common share:
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.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Potentially dilutive securities excluded from the calculation of diluted shares outstanding in periods with net losses are as follows:



	THREE MONTHS ENDED		NINE MONTHS ENDED
	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	21,446,936