Panel 1: We start out with John still trying to read his paper only to have Mike get in his way; he yells "Michael, I'm trying to read; what is your problem?" Mike responds "There's nothing to do."
Panel 2: John says "You could go outside" only to be told "There's no one to play with."
Panel 3: John says that he could call Lawrence or walk the dog only to be met with a muted "Nah."
Panel 4: Since he doesn't realize that his son is trying to get him to put down that stupid newspaper and play with him, John yells "WELL FOR HEAVENS SAKE, STOP BUGGING ME!!" which, as expected, frightens the crap outta Mike.
Panel 5: A few seconds later, we see John at the doorway to outside looking at Mike, who's glumly staring into the ether. As he holds his precious paper and stands there with his defeated frown, he thought-bubbles "Sometimes, justified irritation is really a missed opportunity."
Summary: This, of course, is simply Lynn's way of showing us that John could have handled that better. In both cases, we have Mike trying to engage a clueless moron parent only to get angrily rebuffed; also, the parent doesn't make any real move to salvage the situation. What they do is whine piteously about having lost the moment forever because, like their creator, they're too stupid and negative to realize that they can still fix things. The end result is, of course, that when Mike is a father, he thinks that isolating himself from his own children is both normal and good.