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NET LOSS PER COMMON SHARE
 3 Months Ended
Mar. 31, 2015
NET LOSS PER COMMON SHARE [Abstract]  
NET LOSS PER COMMON SHARE
10.NET LOSS PER COMMON SHARE

Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the periods. Diluted net loss per common share is computed using the weighted average number of common and dilutive common equivalent shares outstanding during the periods. Common equivalent shares consist of stock options that are computed using the treasury stock method. Antidilutive stock awards are comprised of stock options and unvested restricted shares which would have been antidilutive in the application of the treasury stock method in accordance with the “Earnings Per Share” topic of the Financial Accounting Standard Board Accounting Standards Codification.

The following table reconciles the differences between the basic and diluted earnings per share presentations:

  
Three Months Ended March 31,
 
  
2015
  
2014
 
Numerator:
    
Net loss
 
$
(1,679,451
)
 
$
(1,063,394
)
         
Denominator:
        
Weighted average common shares outstanding:
        
Basic
  
20,107,504
   
20,197,301
 
Stock options
  
-
   
-
 
Diluted
  
20,107,504
   
20,197,301
 
         
Net loss per common share:
        
Basic
 
$
(0.08
)
 
$
(0.05
)
Diluted
 
$
(0.08
)
 
$
(0.05
)

For the three months ended March 31, 2015 and 2014, stock options to purchase approximately 1.95 and 1.25 million shares, respectively, were excluded from the computation of diluted net loss per common share because the exercise price of the stock options was greater than the average market price of the common shares or the effect of inclusion of such amounts would be anti-dilutive to net loss per common share.  For the three months ended March 31, 2015, approximately 347,000 non-vested restricted shares were excluded because the inclusion of such amounts would be anti-dilutive to net loss per common share.