Basic and Diluted Net Loss Per Share

9 Months Ended

Sep. 30, 2015

BASIC AND DILUTED NET LOSS PER SHARE

Basic net loss per share is computed by dividing the Company’s net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive securities, including stock options, restricted stock units and common stock warrants. Basic and diluted net loss per share was the same for all periods presented as the inclusion of all potentially dilutive securities outstanding was anti-dilutive.

The following table summarizes the Company’s calculation of basic and diluted net loss per share (in thousands, except share and per share amounts):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Numerator
Net loss	$	(34,918	)	$	(39,677	)	$	(106,754	)	$	(117,275	)
Denominator
Weighted-average number of common shares used in net loss per share calculation	80,297,757			78,866,597			80,017,436			74,716,970
Less: Weighted-average shares subject to repurchase	—			—			—			(686		)
Denominator: basic and diluted	80,297,757			78,866,597			80,017,436			74,716,284
Net loss per share, basic and diluted	$	(0.43	)	$	(0.50	)	$	(1.33	)	$	(1.57	)

The following outstanding shares of potentially dilutive securities were excluded from the calculation of diluted net loss per share for the three and nine months ended September 30, 2015 and 2014, as their effect was anti-dilutive:



	September 30,
	2015	2014
Options to purchase common stock	10,252,607	11,363,128
Restricted stock units	1,525,736	2,028,289
Warrants to purchase common stock	1,250,000	1,250,000
Shares of common stock to be issued upon conversion of convertible debt ("Notes")	18,790,996	18,790,996
Total	31,819,339	33,432,413

This table does not reflect (1) the series of warrants issued to Archer-Daniels-Midland Company (“ADM”) in March 2013 for payment in stock or cash, at the Company’s election, of future annual fees for use and operation of a portion of the ADM fermentation facility in Clinton, Iowa (the “Clinton Facility”) under the Strategic Collaboration Agreement (the "Collaboration Agreement") (see Note 13) and (2) early conversion payment features of the Notes (see Notes 8 and 14) that may be settled, at the Company’s election, in cash or, subject to satisfaction of certain conditions, in shares of the Company’s common stock.