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Earnings per Share (Tables)
 6 Months Ended
Jun. 30, 2015
Earnings per Share  
Schedule of common stock equivalents excluded in the calculation of diluted loss per share

 

 

 

Three Months ended June 30,

 

Six Months ended June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

 

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Shares underlying Convertible Senior Secured Notes

 

—

 
7,548,143 

 
2,791,624 

 
7,733,266 

 

Warrants to purchase common stock

 
28,613 

 
20,571 

 
25,950 

 
20,928 

 

Stock options, stock appreciation rights, and non-vested stock options

 

—

 

—

 

—

 
259,478 

 

 

Schedule of computation of basic and diluted net income per share

The following table sets forth the computation of basic and diluted net income per share for the three and six months ended June 30, 2015 and 2014, in thousands, except share and per share amounts:

 

 

 

 

 

Three Months ended June 30,

 

Six Months ended June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

 

 

(unaudited)

 

(unaudited)

 

Numerator, in thousands:

 

 

 

 

 

 

 

 

 

Net income (loss) used for calculation of basic EPS

 

$
2,005

 

$
3,202

 

$
2,923

 

$
(12,342

)

 

 

 

 

 

 

 

 

 

 

Interest expense on convertible debt

 
331

 

—

 

—

 

—

 

Changes in fair value of derivative liabilities

 
(195

)

—

 

—

 

—

 

Loss on extinguishment of outstanding debt

 
241

 

—

 

—

 

—

 

Loss on extinguishment of outstanding debt, as if converted

 
(553

)

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Total adjustments

 
(176

)

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) used for calculation of diluted EPS

 

$
1,829

 

$
3,202

 

$
2,923

 

$
(12,342

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic

 
47,911,932

 
42,056,285

 
46,246,866

 
41,595,232

 

 

 

 

 

 

 

 

 

 

 

Effect of dilutive potential common shares:

 

 

 

 

 

 

 

 

 

Shares underlying Convertible Senior Secured Notes

 
2,417,586

 

—

 

—

 

—

 

Shares issuable to settle interest make-whole derivatives

 
246,105

 

—

 

—

 

—

 

Stock options, stock appreciation rights, and non-vested stock options

 
1,697,926

 
315,852

 
1,441,126

 

—

 

 

 

 

 

 

 

 

 

 

 

Total potential dilutive common shares

 
4,361,617

 
315,852

 
1,441,126

 

—

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, diluted

 
52,273,549

 
42,372,137

 
47,687,992

 
41,595,232

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share, basic

 

$
0.04

 

$
0.08

 

$
0.06

 

$
(0.30

)

Net income (loss) per share, diluted

 

$
0.03

 

$
0.08

 

$
0.06

 

$
(0.30

)