Net Loss Per Share

12 Months Ended

Dec. 31, 2013

Net loss per common share:

Net Loss Per Share

14. Net Loss per Share

The following is a reconciliation of the numerator (net loss) and the denominator (number of shares) used in the basic and diluted earnings per share calculations:

	2013		2012		2011
Numerator:
Numerator for basic EPS	$	(68,757,589)	$	(9,238,427)	$	(32,031,175)
Effect of dilutive securities
Numerator for diluted EPS	$	(68,757,589)	$	(9,238,427)	$	(32,031,175)
Denominator:
Denominator for basic EPS—weighted average shares		11,554,566		6,944,928		5,482,627
Effect of dilutive securities
Denominator for diluted EPS		11,554,566		6,944,928		5,482,627
Basic EPS	$	(5.95)	$	(1.33)	$	(5.84)
Diluted EPS	$	(5.95)	$	(1.33)	$	(5.84)

The following table sets forth the number of common shares that were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive as follows:

	December 31,
		2013	2012	2011
Shares outstanding
Restricted shares		6,600	68,543	52,659
Shares issuable upon vesting/exercise of:
Options to purchase common stock		188,947	373,899	562,733
Restricted stock units		588,759	529,312	98,820
Warrants		3,021,302	6,099,476	1,038,161
		3,805,608	7,071,230	1,752,373