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EARNINGS PER SHARE CALCULATION
 6 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
EARNINGS PER SHARE CALCULATION

3. EARNINGS PER SHARE CALCULATION

 

The calculation of basic earnings per share (“eps”) and diluted earnings per share are presented below:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

 

December 31, 

 

December 31, 

($ in thousands, except per share data)

    

2016

    

2015

    

2016

    

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator for basic earnings per share - Net  income (loss) available to common shareholders

 

$
233

 

$
(874)

 

$
(2,565)

 

$
(848)

Gain recorded for reduction in fair value of warrants*

 

 

 —

 

 

—

 

 

 —

 

 

 —

Numerator for diluted earnings per share - Net income (loss) available to common shareholders

 

$
233

 

$
(874)

 

$
(2,565)

 

$
(848)

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share - Weighted average shares outstanding

 

 
40,308,934

 

 
35,909,933

 

 
39,398,469

 

 
35,879,164

Effect of dilutive potential common shares*

 

 
421,778

 

 

 —

 

 

 —

 

 

 —

Denominator for diluted earnings per share - Adjusted weighted average shares outstanding

 

 
40,730,712

 

 
35,909,933

 

 
39,398,469

 

 
35,879,164

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$
0.01

 

$
(0.02)

 

$
(0.07)

 

$
(0.02)

Diluted earnings (loss) per share

 

$
0.01

 

$
(0.02)

 

$
(0.07)

 

$
(0.02)
* No adjustment necessary for the three months ended December 31, 2015 and the six months ended December 31, 2016 and 2015 as the effects would be anti-dilutive.