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(Loss) Earnings Per Share
 6 Months Ended
Dec. 31, 2023
(Loss) Earnings Per Share [Abstract]  
(Loss) Earnings Per Share
13.
 
(Loss) Earnings per share
The Company
 
has issued redeemable
 
common stock
 
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 three
 
and six months
 
ended December 31,
 
2023 and 2022.
 
Accordingly,
the two-class method
 
presented below does
 
not include the impact
 
of any redemption.
 
The Company’s
 
redeemable common stock
 
is
described in Note 14 to the Company’s
 
audited consolidated financial statements included in its Annual Report on Form 10-K
 
for the
year ended June 30, 2023.
Basic (loss) earnings per share
 
includes 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 three
 
and six months ended
 
December 31,
2023 and
 
2022, 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
 
has 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 Company
 
has excluded
 
employee stock
 
options to
 
purchase
51,704
 
and
76,572
 
shares of common stock
 
from the calculation of diluted
 
loss per share during
 
the six months ended
 
December 31,
2023 and 2022, because the effect would be antidilutive.
The
 
calculation
 
of diluted
 
(loss) earnings
 
per
 
share
 
includes the
 
dilutive
 
effect
 
of
 
a portion
 
of the
 
restricted
 
stock granted
 
to
employees
 
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 for
 
all awards
 
made are
 
discussed in
 
Note 17
 
to the
 
Company’s
 
audited consolidated
 
financial statements
 
included in
 
its
Annual Report on Form 10-K for the year ended June 30, 2023.
 
13.
 
(Loss) Earnings per share (continued)
The
 
following
 
table
 
presents
 
net
 
loss
 
attributable
 
to
 
Lesaka
 
and
 
the
 
share
 
data
 
used
 
in
 
the
 
basic
 
and
 
diluted
 
loss
 
per
 
share
computations using the two-class method:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended
Six months ended
December 31,
December 31,
2023
2022
2023
2022
(in thousands except
(in thousands except
percent and
percent and
per share data)
per share data)
Numerator:
Net loss attributable to Lesaka
$
(2,707)
$
(6,649)
$
(8,358)
$
(17,345)
Undistributed loss
(2,707)
(6,649)
(8,358)
(17,345)
Percent allocated to common shareholders
(Calculation 1)
96%
96%
95%
96%
Numerator for loss per share: basic and diluted
$
(2,588)
$
(6,377)
$
(7,961)
$
(16,668)
Denominator
Denominator for basic (loss) earnings per share:
weighted-average common shares outstanding
60,990
60,194
60,134
60,058
Effect of dilutive securities:
Denominator for diluted (loss) earnings
per share: adjusted weighted average
common shares outstanding and assuming
conversion
60,990
60,194
60,134
60,058
Loss per share:
Basic
 
$
(0.04)
$
(0.11)
$
(0.13)
$
(0.28)
Diluted
 
$
(0.04)
$
(0.11)
$
(0.13)
$
(0.28)
(Calculation 1)
Basic weighted-average common shares
outstanding (A)
 
60,990
60,194
60,134
60,058
Basic weighted-average common shares
outstanding and unvested restricted shares
expected to vest (B)
 
63,805
62,763
63,134
62,498
Percent allocated to common shareholders
 
(A) / (B)
 
96%
96%
95%
96%
Options
 
to purchase
755,006
 
shares of
 
the Company’s
 
common
 
stock at
 
prices ranging
 
from $
3.50
 
to $
11.23
 
per share
 
were
outstanding during
 
the three
 
months ended
 
December 31,
 
2023, but
 
were not
 
included in
 
the computation
 
of diluted
 
(loss) earnings
per share because the
 
options’ exercise price was
 
greater than the average
 
market price of the Company’s
 
common stock. Options to
purchase
324,619
 
shares of the Company’s
 
common stock at prices
 
ranging from $
4.87
 
to $
11.23
 
per share were outstanding
 
during
the three months ended December 31, 2022, respectively, but were not included in
 
the computation of diluted (loss) earnings per share
because the
 
options’ exercise
 
price was greater
 
than the average
 
market price of
 
the Company’s
 
common stock.
 
The options, which
expire at various dates through February 3, 2032, were still outstanding
 
as of December 31, 2023.