Note 12 - Income (Loss) Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note L – Income (Loss) Per Share

Income (loss) per share:

Basic and diluted loss per share is computed by dividing loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted weighted average shares outstanding for the three months ended September 30, 2012 and the nine months ended September 30, 2013 and 2012 excludes shares underlying stock options and warrants, since the effects would be anti-dilutive. Accordingly, basic and diluted loss per share is the same. Diluted weighted average shares outstanding for the three months ended September 30, 2013 excludes shares underlying stock options, restrictive stock and warrants, because these shares were out of the money. Such excluded shares are summarized as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Common stock options		22,892		—		7,714		—
Warrants		1,385,862		544,840		927,241		539,255
Total shares excluded from calculation		1,408,754		544,840		934,955		539,255

Due to the reverse merger on August 25, 2013, the earnings per share for each period before the acquisition date presented in these financial statements were computed based on Immune Ltd.’s historical weighted-average number of shares outstanding, multiplied by the exchange ratio that was established in the reverse merger. Therefore, unless otherwise noted, all share and per-share amounts for all periods presented have been retroactively adjusted to give the effect to the exchange ratio.

Basic and diluted earnings per share (EPS) were computed using the following data (in thousands, except share and per share amounts):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2013		2012			2013			2012
EPS Numerator – Basic:
Net income (loss)	$	1,155	$	(3,114	)	$	(3,248	)	$	(9,900	)
EPS Numerator – Diluted:
Net income (loss)	$	1,155	$	(3,114	)	$	(3,248	)	$	(9,900	)
EPS Denominator:
Weighted-average common shares outstanding––Basic		8,055,360		2,811,899			5,003,677			5,461,288
Common stock equivalents: stock options and warrants		2,252,936		—			—			—
Weighted-average common shares outstanding––Diluted		10,308,296		2,811,899			5,003,677			5,461,288