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(Loss) Earnings Per Share
 9 Months Ended
Mar. 31, 2024
(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 nine months ended March 31, 2024
 
and 2023. 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 nine
 
months ended
 
March 31,
2024 and
 
2023, 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
42,770
 
and
185,902
 
shares of common
 
stock from the
 
calculation of diluted
 
loss per share
 
during the
 
nine months ended
 
March 31,
2024 and 2023, 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.
 
13.
 
(Loss) Earnings per share (continued)
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.
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
Nine months ended
March 31,
March 31,
2024
2023
2024
2023
(in thousands except
(in thousands except
percent and
percent and
per share data)
per share data)
Numerator:
Net loss attributable to Lesaka
$
(4,047)
$
(5,820)
$
(12,405)
$
(23,165)
Undistributed loss
(4,047)
(5,820)
(12,405)
(23,165)
Percent allocated to common shareholders
(Calculation 1)
96%
96%
95%
96%
Numerator for loss per share: basic and diluted
$
(3,868)
$
(5,605)
$
(11,816)
$
(22,130)
Denominator
Denominator for basic (loss) earnings per share:
weighted-average common shares outstanding
60,990
61,492
60,134
60,102
Effect of dilutive securities:
Denominator for diluted (loss) earnings
per share: adjusted weighted average
common shares outstanding and assuming
conversion
60,990
61,492
60,134
60,102
Loss per share:
Basic
 
$
(0.06)
$
(0.09)
$
(0.20)
$
(0.37)
Diluted
 
$
(0.06)
$
(0.09)
$
(0.20)
$
(0.37)
(Calculation 1)
Basic weighted-average common shares
outstanding (A)
 
60,990
61,492
60,134
60,102
Basic weighted-average common shares
outstanding and unvested restricted shares
expected to vest (B)
 
63,805
63,854
63,134
62,913
Percent allocated to common shareholders
 
(A) / (B)
 
96%
96%
95%
96%
Options
 
to purchase
742,543
 
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 March
 
31, 2024,
 
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
293,949
 
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
 
March 31,
 
2023, 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 March 31, 2024.