Net Income (Loss) per Common Share

6 Months Ended

Dec. 31, 2011

Net Income (Loss) per Common Share [Abstract]

Net Income (Loss) per Common Share

9.  Net Income (Loss) per Common Share

Basic income (loss) per share is determined by dividing the income (loss) by the weighted average common shares outstanding during the period. Diluted income (loss) per share is determined by dividing the income (loss) attributable to common stockholders by diluted weighted average shares outstanding during the period. Diluted weighted average shares reflect the dilutive effect, if any, of potential common shares. To the extent their effect is dilutive, employee equity awards and other commitments to be settled in common stock are included in the calculation of diluted income per share based on the treasury stock method.

For the three months ended December 31, 2011 certain employee equity awards were anti-dilutive based on the treasury stock method. For the three months ended December 31, 2010 and the six months ended December 31, 2011 and 2010, all potential common shares were anti-dilutive due to the net loss. The calculations of basic and diluted income (loss) per share and basic and diluted weighted average shares outstanding are as follows (dollars and shares in thousands, except per share data):

	Three Months Ended					Six Months Ended
	December 31,					December 31,
	2011		2010			2011			2010
Net income (loss)	$	3,836	$	(10,269	)	$	(7,900	)	$	(25,737	)
Weighted average shares outstanding		93,902		93,252			93,983			92,968
Dilutive impact from:
Share-based payment awards		2,365		-			-			-
Warrants		-		-			-			-
Dilutive weighted average shares outstanding		96,267		93,252			93,983			92,968
Income (loss) per share
Basic	$	0.04	$	(0.11	)	$	(0.08	)	$	(0.28	)
Dilutive	$	0.04	$	(0.11	)	$	(0.08	)	$	(0.28	)

Historically, we issued warrants to purchase 7,267,286 shares of common stock in connection with various financing activities. These warrants provided for net equity settlement and were accounted for in equity. Prior to fiscal 2011, 6,636,646 warrants were exercised in a cashless exercise resulting in the issuance of 4,869,539 shares of common stock. During the six months ended December 31, 2010, the remaining 630,640 warrants were exercised in a cashless exercise resulting in the issuance of 424,753 shares of common stock. There were no warrants outstanding at December 31, 2011 or June 30, 2011.

The following potential common shares were excluded from the calculation of diluted weighted average shares outstanding because their effect would be anti-dilutive at the balance sheet date (shares in thousands):

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2011		2010		2011		2010
Employee equity awards		791		8,020		7,010		8,221