EARNINGS PER SHARE CALCULATION

9 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

EARNINGS PER SHARE CALCULATION

3. EARNINGS PER SHARE CALCULATION

The calculation of basic and diluted earnings per share is presented below:

	Three months ended						Nine months ended
	March 31,						March 31,
($ in thousands, except per share data)	2016			2015			2016			2015
Numerator for basic earnings per share - Net loss available to common shareholders	$	(5,754	)	$	(901	)	$	(6,602	)	$	(1,557	)
Gain recorded for reduction in fair value of warrants*		-			-			-			-
Numerator for diluted earnings per share - Net loss available to common shareholders	$	(5,754	)	$	(901	)	$	(6,602	)	$	(1,557	)
Denominator for basic earnings per share - Weighted average shares outstanding		36,161,613			35,747,979			35,961,648			35,705,210
Effect of dilutive potential common shares*		-			-			-			-
Denominator for diluted earnings per share - Adjusted weighted average shares outstanding		36,161,613			35,747,979			35,961,648			35,705,210
Basic and diluted loss per share	$	(0.16	)	$	(0.03	)	$	(0.18	)	$	(0.04	)

* No adjustment necessary as the effects would be anti-dilutive.