Net Loss Per Share

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Net Loss Per Share

Net Loss Per Share

The Company calculates earnings per share (“EPS”) in accordance with the provisions of ASC 260-10 and the guidance of SEC Staff Accounting Bulletin (“SAB”) No. 98. Under ASC 260-10, basic EPS excludes dilution for common stock equivalents and is computed by dividing net income or loss attributable to common shareholders by the weighted average number of common shares outstanding for the period. All options, warrants or other potentially dilutive instruments issued for nominal consideration are required to be included in the calculation of basic and diluted net income attributable to common stockholders. Diluted EPS is calculated using the treasury stock method and reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock and resulted in the issuance of common stock.

Diluted net loss per common share for the three and six months ended June 30, 2014 does not include the effect of options to purchase 11,434,227 shares of common stock as the effect of their inclusion is anti-dilutive. Diluted net loss per common share for the three and six months ended June 30, 2013 does not include the effect of options to purchase 9,344,220 shares of common stock as the effect of their inclusion is anti-dilutive.

A reconciliation of shares used in calculating basic and diluted earnings per share follows:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2014	2013	2014	2013
Basic	54,189,722	54,806,694	54,766,811	55,332,449
Effect of assumed exercised options	—	—	—	—
Diluted	54,189,722	54,806,694	54,766,811	55,332,449