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SEC Filings

10-Q
ACETO CORP filed this Form 10-Q on 11/03/2017
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ACETO CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited and in thousands, except per-share amounts)

 

 

The Company is authorized to issue 75,000 shares of Common Stock and 2,000 shares of Preferred Stock. The Board of Directors has authority under the Company’s Restated Certificate of Incorporation to issue shares of preferred stock with voting and other relative rights to be determined by the Board of Directors.

 

(5) Net Income Per Common Share

 

Basic income per common share is based on the weighted average number of common shares outstanding during the period. Diluted income per common share includes the dilutive effect of potential common shares outstanding. The following table sets forth the reconciliation of weighted average shares outstanding and diluted weighted average shares outstanding:

 

  

Three Months Ended

September 30,

 
   2017   2016 
         
Weighted average shares outstanding   34,975    29,518 
Dilutive effect of stock options and restricted stock awards and units   284    322 
           
Diluted weighted average shares outstanding   35,259    29,840 

 

 

The weighted average shares outstanding for the three months ended September 30, 2017 includes the effect of 5,122 shares to be issued in connection with the acquisition of certain products and related assets from Citron and Lucid (see Note 2).The Convertible Senior Notes (see Note 6) will only be included in the dilutive net income per share calculations using the treasury stock method during periods in which the average market price of Aceto’s common stock is above the applicable conversion price of the Convertible Senior Notes, or $33.215 per share, and the impact would not be anti-dilutive.

 

There were 61 common equivalent shares outstanding as of September 30, 2017 that were not included in the calculation of diluted net income per common share for the three months ended September 30, 2017 because their effect would have been anti-dilutive.

 

(6) Debt

 

Long-term debt

 

  

September 30,

2017

  

June 30,

2017

 
         
Convertible Senior Notes, net  $123,189   $121,676 
Revolving Bank Loans   70,000    90,000 
Term Bank Loans   135,660    139,227 
Mortgage   2,730    2,763 
    331,579    353,666 
Less current portion   14,482    14,466 
   $317,097   $339,200 

 

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