Quarterly report pursuant to Section 13 or 15(d)

Net Income (Loss) Per Common Share

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Net Income (Loss) Per Common Share
 3 Months Ended
Jun. 30, 2011
Net Income (Loss) Per Common Share  
Net Income (Loss) Per Common Share

15.  Net Income (Loss) Per Common Share

 

Basic net income (loss) per share of common stock is computed using the weighted average number of common shares outstanding for the period. Diluted loss per share is computed without consideration to potentially dilutive instruments because the Company incurred losses in the first quarter of Fiscal 2012 which would make these instruments anti-dilutive. As of June 30, 2011, the number of shares subject to antidilutive stock options and restricted stock units excluded from diluted net loss per common share computations was approximately 12.3 million. As of June 30, 2011, the number of shares subject to warrants excluded from diluted net loss per common share computations was approximately 21.1 million. Excluded from diluted loss per share for the first quarter of Fiscal 2011 were 38,830,554 shares as a result of potentially dilutive stock options, restricted stock units, and shares issued to CPS as part of the settlement of the second funding liability because their effect would be antidilutive.

 

Basic net earnings per share is reconciled to diluted net earnings per share in the following table for the three months ended June 30, 2010 (thousands, except per share data):

 

Income available to common stockholders

 

$

392

 

 

 

 

 

Plus: Income impact of assumed conversions

 

(1,073

)

Loss available to common stockholders on a diluted basis

 

$

(681

)

 

 

 

 

Weighted-average shares

 

242,266

 

 

 

 

 

Dilutive potential common shares—conversion of warrants

 

664

 

Adjusted weighted-average shares

 

242,930

 

 

 

 

 

Diluted loss per share

 

$

(0.00

)