Net Loss Per Share of Common Stock

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Text Block]

8. NET LOSS PER SHARE OF COMMON STOCK

Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of restricted stock units (using the treasury stock method), the incremental common shares issuable upon the exercise of stock options (using the treasury stock method), and the conversion of the Company’s convertible preferred stock and warrants (using the if-converted method). For the three months ended March 31, 2013 and 2012, approximately 4.0 million and 4.3 million unvested restricted stock units, vested and unvested options and warrants to purchase Common Stock, respectively, were excluded from the calculation, as their effect would be anti-dilutive because the exercise prices were greater than the average market price of the Common Stock during the respective periods and because the Company recorded a net loss. 

The following table reconciles the numerator and denominator for the calculation.

	For the Three Months Ended March 31,
	2013			2012
Basic and diluted net loss per share:
Numerator:
Net loss	$	(1,742,684	)	$	(4,436,778	)
Preferred stock cash dividends		—			(96,424	)
Numerator for basic and diluted earnings per share -
Net loss available to common stockholders	$	(1,742,684	)	$	(4,533,202	)
Denominator:
Weighted average basic and diluted shares outstanding		33,278,477			32,342,541
Basic and diluted net loss per share:
Net loss	$	(0.05	)	$	(0.14	)
Preferred stock cash dividends		—			(0.00	)
Net loss available to common stockholders	$	(0.05	)	$	(0.14	)