Net Loss Per Common Share

6 Months Ended

Jun. 30, 2011

Net Loss Per Common Share

3. Net Loss Per Common Share

Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are not considered outstanding for purposes of calculating basic net income per share. Diluted net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period plus the dilutive effect of outstanding instruments such as options, warrants, and restricted stock. Because the Company has reported a net loss for all periods presented, diluted loss per common share is the same as basic loss per common share, as the effect of utilizing the fully diluted share count would have reduced the net loss per common share. Therefore, in calculating net loss per share amounts, shares underlying the following potentially dilutive common stock equivalents were excluded from the calculation of diluted net income per common share because their effect was anti-dilutive for each of the periods presented:

	Quarters Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Options		3,377,794		3,538,877		3,428,973		3,407,177
Warrants		8,582,882		8,582,882		8,582,882		8,582,882
Unvested restricted stock		188,192		59,563		170,451		29,946
Total		12,148,868		12,181,322		12,182,306		12,020,005