Net Loss Per Share of Common Stock

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

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 potential common shares outstanding during the period, so long as the inclusion of potential common shares does not result in a lower net loss per share. 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). Such warrants to purchase Common Stock all expired during the fourth quarter of 2012. For the three months ended September 30, 2013 and 2012, approximately 4.6 million and 5.5 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 result in a lower net loss per share. For the nine months ended September 30, 2013 and 2012, approximately 4.2 million and 4.6 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 result in a lower net loss per share.

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

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2013			2012			2013			2012
Basic and diluted net loss per share:
Numerator:
Net loss	$	(1,179,465	)	$	(4,226,515	)	$	(3,998,558	)	$	(10,538,593	)
Preferred stock cash dividends		—			—			—			(192,848	)
Numerator for basic and diluted earnings per share
Net loss attributable to common stockholders	$	(1,179,465	)	$	(4,226,515	)	$	(3,998,558	)	$	(10,731,441	)
Denominator:
Weighted average basic and diluted shares outstanding		33,892,790			32,848,076			33,654,044			32,648,487
Basic and diluted net loss per share:
Net loss	$	(0.03	)	$	(0.13	)	$	(0.12	)	$	(0.32	)
Preferred stock cash dividends		—			—			—			(0.01	)
Net loss attributable to common stockholders	$	(0.03	)	$	(0.13	)	$	(0.12	)	$	(0.33	)