Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.7.0.1
Earnings Per Share
6 Months Ended
Jun. 30, 2017
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share

For purposes of this calculation, stock warrants, outstanding stock options and unvested restricted shares are considered common stock equivalents using the treasury stock method, and are the only such equivalents outstanding.

Basic net loss and diluted net loss per share data were computed as follows (in thousands except per share data):

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Numerator:
 
 
 
 
 
 
 
Net (loss) for basic earnings per share
$
(2,766
)
 
$
(4,028
)
 
$
(12,346
)
 
$
(9,282
)
Change in fair value of warrant liability
577

 

 

 

Net (loss) for diluted earnings per share
$
(3,343
)
 
$
(4,028
)
 
$
(12,346
)
 
$
(9,282
)
Denominator:
 
 
 
 
 
 
 
Weighted-average basic common shares outstanding
19,697

 
14,538

 
19,301

 
14,042

Assumed conversion of dilutive securities:
 
 
 
 
 
 
 
Common stock purchase warrants
966

 

 

 

Potentially dilutive common shares
966

 

 

 

Denominator for diluted earnings per share – adjusted weighted-average shares
20,663

 
14,538

 
19,301

 
14,042

Basic net (loss) per share
$
(0.14
)
 
$
(0.28
)
 
$
(0.64
)
 
$
(0.66
)
Diluted net (loss) per share
$
(0.16
)
 
$
(0.28
)
 
$
(0.64
)
 
$
(0.66
)
 
 
 
 
 
 
 
 

The following table summarizes equivalent units outstanding that were excluded from the earnings per share calculation because their effects were anti-dilutive (in thousands):

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Common stock purchase warrants
4,163

 
5,632

 
6,599

 
5,632

Stock options
2,578

 
1,892

 
2,578

 
1,892

Restricted shares of common stock
75

 
84

 
75

 
84

 
6,816

 
7,608

 
9,252

 
7,608