Net Loss Per Share

Because of the net losses in the three and nine months ended September 30, 2019 and 2018, the following outstanding Company securities, using the treasury stock method, were excluded from the calculations of net loss per share because the effect would have been anti-dilutive:



	Three Months Ended September 30,		Nine Months Ended September 30,
	2019	2018	2019	2018
Common stock options	—	80,143	—	180,940
Restricted stock awards	3,531	119,545	3,540	121,321
Restricted stock units	116,066	148,436	62,486	343,894
Warrants	1,522,002	—	1,522,002	—
Total	1,641,599	348,124	1,588,028	646,155

For purposes of calculating the maximum dilutive impact, it is presumed that the convertible notes will be settled in common stock and all conversion features within the term loan facility will be exercised with the resulting potential common shares included in diluted earnings per share if the effect is more dilutive. The effect of the conversion of the convertible senior notes and term loan facility is excluded from the calculation of diluted loss per share because the impact of these securities would be anti-dilutive.

The potential dilutive effect of these securities is shown in the table below:



	Nine Months Ended September 30,
	2019	2018
Convertible notes	7,706,786	8,317,000
Conversion features under term loan facility	11,241,321	—

The effect of the contingently issuable common stock (see Note 9) is excluded from the calculation of basic net loss per share until all necessary conditions for issuance have been satisfied.