Basic and Diluted Net Loss Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Basic and Diluted Net Loss Per Share

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 March 31,
	2014			2013
Numerator
Net loss	$	(34,681	)	$	(26,525	)
Denominator
Weighted-average number of common shares used in net loss per share calculation	69,214,669			61,572,119
Less: Weighted-average shares subject to repurchase	(1,789		)	(29,610		)
Denominator: basic and diluted	69,212,880			61,542,509
Net loss per share, basic and diluted	$	(0.50	)	$	(0.43	)

The following outstanding shares of potentially dilutive securities were excluded from the calculation of diluted net loss per share for the periods presented as the effect was anti-dilutive:

	Three Months Ended March 31,
	2014	2013
Options to purchase common stock	11,142,893	10,637,489
Common stock subject to repurchase	584	24,151
Restricted stock units	2,218,578	955,310
Warrants to purchase common stock	1,250,000	1,500,000
Shares of common stock to be issued upon conversion of convertible debt ("Notes")	9,590,598	15,140,500
Total	24,202,653	28,257,450

This table does not reflect 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 10.