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Table of Contents
TELENAV, INC.
Notes to Consolidated Financial Statements—(Continued)
In February 2013, the FASB issued amended guidance on how to report the effect of significant reclassifications out of accumulated other
comprehensive income. The amendment becomes effective prospectively for reporting periods beginning after December 15, 2012 for public entities
and earlier adoption is permitted. The adoption of this guidance is not expected to have a material effect on our consolidated financial statements.
I
n June 2013, the FASB issued amended guidance on the financial statement presentation of an unrecognized tax benefit when a net operating
loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendment become effective for public companies for annual periods
beginning after December 15, 2013, and interim periods within those periods on a prospective basis to all unrecognized tax benefits that exist at the
effective date and early adoption is permitted. The result of adoption may result in the reclassification of certain long term liabilities to long term
deferred tax assets, but the adoption will not result in a change to the tax provision. The adoption of this guidance is not expected to have a material
effect on our consolidated financial statements.
Basic net income per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period.
Diluted net income per share is computed by dividing net income by the weighted average number of common shares outstanding for the period,
including potential dilutive common shares assuming the dilutive effect of outstanding stock options, restricted stock, and restricted stock units using
the treasury-stock method.
The following table presents the calculation of basic and diluted net income per share (in thousands, except per share amounts):
Cash, cash equivalents and short-term investments consisted of the following as of June 30, 2013 (in thousands):
F-13
2.
Net income per share
Fiscal Year Ended June 30,
2013
2012
2011
Income from continuing operations
$
5,581
$
31,806
$
44,587
Income from discontinued operations, net of tax
7,486
602
(2,013
)
Net income
$
13,067
$
32,408
$
42,574
Shares used in computing net income per share:
Basic:
Weighted average common shares used in computing basic net income
per share
40,310
41,406
41,975
Diluted:
Weighted average common shares used in computing basic net income
per share
40,310
41,406
41,975
Add weighted average effect of dilutive securities:
Stock options
1,517
2,538
3,111
Restricted stock and restricted stock units
92
—
—
Weighted average common shares used in computing diluted
net income per share
41,919
43,944
45,086
Basic income per share:
Income from continuing operations
$
0.14
$
0.77
$
1.06
Income from discontinued operations
0.19
0.01
(0.05
)
Net income
$
0.32
$
0.78
$
1.01
Diluted income per share:
Income from continuing operations
$
0.13
$
0.72
$
0.99
Income from discontinued operations
0.18
0.01
(0.04
)
Net income
$
0.31
$
0.74
$
0.94
3. Cash, cash equivalents and short-
term investments