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11. Finance expense
---------------------------------------------------------------------------- Three months Three months Nine months Nine months(thousands of ended Dec 31, ended Dec 31, ended Dec 31, ended Dec 31, U.S. dollars) 2012 2011 2012 2011----------------------------------------------------------------------------Interest expense related to capital lease 1,133 1,488 3,892 4,500Interest expense on long-term debt 841 - 2,622 -Interest expense on convertible debentures 3,349 3,842 11,079 11,703Accretion expense on convertible debentures 1,814 1,503 4,581 4,127Accretion expense on decommissioning obligations 717 574 2,110 1,691Bank fees and charges and other finance costs 1,782 728 2,528 1,855----------------------------------------------------------------------------Finance expense 9,636 8,135 26,812 23,876----------------------------------------------------------------------------
12. Earnings per share
The calculation of basic and diluted per share amounts is as follows:
---------------------------------------------------------------------------- Three months Three months Nine months Nine months(thousands of ended Dec 31, ended Dec 31, ended Dec 31, ended Dec 31, U.S. dollars) 2012 2011 2012 2011----------------------------------------------------------------------------Net loss (93,709) (40,405) (214,404) (139,304)----------------------------------------------------------------------------
A reconciliation of the weighted average number of ordinary shares for the purpose of calculating basic earnings per share to the weighted average number of ordinary shares for the purpose of calculating diluted earnings per share is as follows:
---------------------------------------------------------------------------- Three months Three months Nine months Nine months(thousands of ended Dec 31, ended Dec 31, ended Dec 31, ended Dec 31, U.S. dollars) 2012 2011 2012 2011----------------------------------------------------------------------------Weighted average number of common shares used in the calculation of basic and diluted per share amounts 57,040,057 51,603,054 53,454,383 51,569,074----------------------------------------------------------------------------
As a result of the net loss in the periods ended December 31, 2012 and 2011, the outstanding stock options of 5,354,601 and 3,792,253, respectively, and shares issuable upon conversion of the outstanding notes and debentures of 10,173,724 and nil respectively as at December 31, 2012 (2011 - nil and 2,805,430) were considered anti-dilutive to the loss per share and were excluded from the weighted average number of common shares for the purposes of diluted earnings per share.
13. Segmented Information
a. Products and services from which reportable segments derive their revenues
The Company's operations are conducted in one business sector, the oil and natural gas industry. All revenues are from external customers. All of Bangladesh sales are received from one customer and this customer accounted for 22 percent of sales during the nine months ended December 31, 2012.
