(Loss) Earnings Per Share

12 Months Ended

Jun. 30, 2022

(Loss) Earnings Per Share [Abstract]

(Loss) Earnings Per Share

19.(Loss) Earnings per share

The Company has issued redeemable common stock (refer to Note 14) which is redeemable at an amount other than fair value. Redemption of a class of common stock at other than fair value increases or decreases the carrying amount of the redeemable common stock and is reflected in basic earnings per share using the two-class method. There were no redemptions of common stock, or adjustments to the carrying value of the redeemable common stock during the years ended June 30, 2022, 2021 and 2020. Accordingly, the two-class method presented below does not include the impact of any redemption.

Basic (loss) earnings per share include shares of restricted stock that meet the definition of a participating security because these shares are eligible to receive non-forfeitable dividend equivalents at the same rate as common stock. Basic (loss) earnings per share has been calculated using the two-class method and basic (loss) earnings per share for the years ended June 30, 2022, 2021 and 2020, reflects only undistributed earnings. The computation below of basic (loss) earnings per share excludes the net loss attributable to shares of unvested restricted stock (participating non-vested restricted stock) from the numerator and excludes the dilutive impact of these unvested shares of restricted stock from the denominator.

Diluted (loss) earnings per share have been calculated to give effect to the number of shares of additional common stock that would have been outstanding if the potential dilutive instruments had been issued in each period. Stock options are included in the calculation of diluted (loss) earnings per share utilizing the treasury stock method and are not considered to be participating securities, as the stock options do not contain non-forfeitable dividend rights. The calculation of diluted (loss) earnings per share includes the dilutive effect of a portion of the restricted stock granted to employees during the current and previous fiscal periods as these shares of restricted stock are considered contingently returnable shares for the purposes of the diluted (loss) earnings per share calculation and the vesting conditions in respect of a portion of the restricted stock had been satisfied. The vesting conditions are discussed in Note 17. The Company has excluded employee stock options to purchase 191,448 shares of common stock from the calculation of diluted loss per share during the year ended June 30, 2022, because the effect would be antidilutive.

19.(Loss) Earnings per share (continued)

The following table presents net (loss) income attributable to Lesaka and the share data used in the basic and diluted (loss) earnings per share computations using the two-class method for the years ended June 30, 2022, 2021 and 2020:

			2022		2021		2020
			(in thousands except percent and per share data)
Numerator:
	Net loss attributable to Lesaka		$	(43,876)	$	(38,057)	$	(78,358)
	Undistributed (loss) earnings			(43,876)		(38,057)		(78,358)
		Continuing		(43,876)		(38,057)		(97,214)
		Discontinued	$	-	$	-	$	18,856
	Percent allocated to common shareholders
	(Calculation 1)			98%		99%		98%
	Numerator for (loss) earnings per share: basic and diluted		$	(43,006)	$	(37,825)	$	(76,827)
		Continuing		(43,006)		(37,825)		(95,315)
		Discontinued	$	-	$	-	$	18,488
Denominator
	Denominator for basic (loss) earnings per share:
	weighted-average common shares outstanding			57,207		56,332		56,003
	Effect of dilutive securities:
		Stock options		-		259		-
		Denominator for diluted (loss) earnings per share: adjusted weighted average common shares outstanding and assumed conversion		57,207		56,591		56,003
(Loss) Earnings per share:
	Basic		$	(0.75)	$	(0.67)	$	(1.37)
		Continuing	$	(0.75)	$	(0.67)	$	(1.70)
		Discontinued	$	-	$	-	$	0.33
	Diluted		$	(0.75)	$	(0.67)	$	(1.37)
		Continuing	$	(0.75)	$	(0.67)	$	(1.70)
		Discontinued	$	-	$	-	$	0.33
(Calculation 1)
	Basic weighted-average common shares outstanding (A)			57,207		56,332		56,003
	Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B)			58,364		56,678		57,119
	Percent allocated to common shareholders
	(A) / (B)			98%		99%		98%

Options to purchase 186,999, 282,832 and 1,331,651 shares of the Company’s common stock at prices ranging from $6.20 to $11.23 (2022), $6.20 to $11.23 (2021) and $3.07 to $11.23 (2020) per share were outstanding during the year ended June 30, 2022, 2021 and 2020, respectively, but were not included in the computation of diluted (loss) earnings per share because the options’ exercise prices were greater than the average market price of the Company’s common shares. The options, which expire at various dates through February 3, 2032, were still outstanding as of June 30, 2022.