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Net Loss Per Common Share
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Net Loss Per Common Share
Net Loss Per Common Share
 
Basic earnings per share is computed by dividing net loss available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if stock options, warrants, and convertible securities to issue common stock were exercised or converted into common stock. The following is a reconciliation of the numerator and denominator used in the basic and diluted computation of net loss per share:
 
 
Year Ended
December 31,
 
2013
 
2012
 
2011
Numerator:
 

 
 

 
 

Net loss
$
(21,347,020
)
 
$
(30,762,273
)
 
$
(11,606,231
)
Preferred stock dividends
(4,016,705
)
 
(4,370,247
)
 
(4,696,766
)
Loss available to common shareholders
$
(25,363,725
)
 
$
(35,132,520
)
 
$
(16,302,997
)
 
 
 
 
 
 
Denominator:
 

 
 

 
 

Basic weighted average shares outstanding
60,580,742

 
40,497,098

 
24,640,774

Effect of dilutive securities
—

 
—

 
—

Diluted weighted average shares outstanding
60,580,742

 
40,497,098

 
24,640,774

 
 
 
 
 
 
Net loss per common share:
 

 
 

 
 

Basic
$
(0.42
)
 
$
(0.87
)
 
$
(0.66
)
Diluted
$
(0.42
)
 
$
(0.87
)
 
$
(0.66
)

 
The following table includes the number of common stock equivalent shares that are not included in the computation of diluted loss per share, because the Company has a net loss and the inclusion of such shares would be antidilutive.
 
 
Shares
 
2013
 
2012
 
2011
Stock options
50,000

 
50,000

 
450,000

Convertible preferred stock
54,558,567

 
61,405,753

 
63,147,728

Warrants
733,500

 
2,146,000

 
2,333,500

Restricted stock
3,627,600

 
5,024,400

 
4,610,000

 
 
 
 
 
 
 
58,969,667

 
68,626,153

 
70,541,228