Earnings Per Common Share

12 Months Ended

Jun. 30, 2012

Earnings Per Common Share

Earnings Per Common Share

Note 17.  Earnings Per Common Share

A dual presentation of basic and diluted earnings (loss) per share is required on the face of the Company’s consolidated statement of operations as well as a reconciliation of the computation of basic earnings (loss) per share to diluted earnings (loss) per share.  Basic earnings (loss) per share excludes the dilutive impact of common stock equivalents and is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period.  Diluted earnings per share include the effect of potential dilution from the exercise of outstanding common stock equivalents into common stock using the treasury stock method. Dilutive shares have been excluded in the weighted average shares used for the calculation of earnings (loss) per share in periods of net loss because the effect of such securities would be anti-dilutive.  A reconciliation of the Company’s basic and diluted earnings (loss) per share follows:

	For Fiscal Year Ended June 30,
(In thousands, except share and per share data)	2012		2011			2010
Net Income (Loss) Attributable to Lannett common shareholders	$	3,948	$	(277	)	$	7,821
Weighted Average Common Shares Outstanding (Basic)	28,263,335		26,758,552			24,743,902
Effect of potentially dilutive options and restricted stock awards	145,097		—			455,471
Weighted Average Common Shares Outstanding (Diluted)	28,408,432		26,758,552			25,199,373
Basic earnings (loss) per share	$	0.14	$	(0.01	)	$	0.32
Diluted earnings (loss) per share	$	0.14	$	(0.01	)	$	0.31

The number of anti-dilutive shares that have been excluded in the computation of diluted earnings per share for the fiscal years ended June 30, 2012, 2011 and 2010 were 2,321, 2,100, and 1,281, respectively.