Net Loss Per Share

12 Months Ended

Dec. 31, 2014

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:

	2014		2013		2012
Numerator:
Numerator for basic EPS	$	(5,202,441)	$	(68,757,589)	$	(9,238,427)
Numerator for diluted EPS	$	(5,202,441)	$	(68,757,589)	$	(9,238,427)
Denominator:
Denominator for basic EPS—weighted average shares		19,945,038		11,554,566		6,944,928
Denominator for diluted EPS		19,945,038		11,554,566		6,944,928
Basic EPS	$	(0.26)	$	(5.95)	$	(1.33)
Diluted EPS	$	(0.26)	$	(5.95)	$	(1.33)

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,
		2014	2013	2012
Shares outstanding
Restricted shares		-	6,600	68,543
Shares issuable upon vesting/exercise of:
Options to purchase common stock		487,146	188,947	373,899
Restricted stock units		697,751	588,759	529,312
Warrants		2,197,883	3,021,302	6,099,476
		3,382,780	3,805,608	7,071,230