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EXCEL - IDEA: XBRL DOCUMENT - BIOSHAFT WATER TECHNOLOGY, INC.Financial_Report.xls
10-Q/A - AMENDED QUARTERLY REPORT - BIOSHAFT WATER TECHNOLOGY, INC.bshf_10qa.htm
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EX-31.2 - CERTIFICATION - BIOSHAFT WATER TECHNOLOGY, INC.bshf_ex312.htm
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v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES: Basic Loss per Common Share (Policies)
3 Months Ended
Jul. 31, 2012
Policies  
Basic Loss per Common Share

Basic Loss per Common Share

 

Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net loss available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity.  Under the treasury stock method, the exercise price of an award, if any, the amount of compensation cost, if any, for future service that the Company has not yet recognized, and the estimated tax benefits that would be recorded in paid-in capital, if any, when an award is settled are assumed to be used to repurchase shares in the current period. 

 

The Company excluded 13,300,000 and 7,100,000 common stock equivalents outstanding as of July 31, 2012 and 2011, respectively, as their exercise prices were in excess of the average closing market price of the Company’s common stock, causing their effects to be anti-dilutive using the treasury stock method. 

 

The following is a summary of outstanding securities which have been included in the calculation of diluted net income per share and reconciliation of net income to net income available to common stock holders for the three months ended July 31, 2012:

 

.

 

For the Three

Months

Ended

July 31, 2012

 

Weighted average common shares outstanding used in calculating basic earnings per share

 

 

104,383,000

 

Warrants

 

 

6,947,147

 

Effect of conversion feature on loans payable

 

 

20,000,000

 

Weighted average common and common equivalent shares used in calculating diluted earnings per share

 

 

131,330,147

 

 

 

 

 

 

Net income as reported

 

$

1,360,407

 

Add - Interest on convertible loans payable

 

 

18,904

 

Net income available to common stockholders

 

$

1,379,311