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Loss Per Common Share
 9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Loss Per Common Share

3. LOSS PER COMMON SHARE

The Company computes basic and diluted loss per share using a methodology that gives effect to the impact of outstanding participating securities (the “two-class method”). For the three and nine months ended September 30, 2018, there was dilution attributed to the weighted-average shares outstanding in the calculation of diluted loss per share.

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

(In thousands, except share and per share data)

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (loss)

 

$

10,785

 

 

$

(5,995

)

 

$

(7,825

)

 

$

(19,618

)

Net income (loss) attributable to Series A Preferred Stock (a)

 

 

135

 

 

 

(915

)

 

 

(168

)

 

 

(3,238

)

Income (loss) attributable to common stockholders - basic

 

$

10,650

 

 

$

(5,080

)

 

$

(7,657

)

 

$

(16,380

)

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deduct change in fair value of warrant liability

 

 

(17,776

)

 

 

—

 

 

 

(12,524

)

 

 

—

 

Numerator for dilutive EPS-Earnings(loss) attributable to common stockholders after assumed conversions

 

$

(7,126

)

 

$

(5,080

)

 

$

(20,181

)

 

$

(16,380

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares used in earnings (loss) per

   share - basic

 

 

29,737,632

 

 

 

22,552,341

 

 

 

28,723,500

 

 

 

22,219,666

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonparticipating warrants

 

 

—

 

 

 

—

 

 

 

792,200

 

 

 

—

 

Denominator for diluted EPS-Adjusted weighted average shares

 

 

29,737,632

 

 

 

22,552,341

 

 

 

29,515,700

 

 

 

22,219,666

 

Earnings (loss) per share - basic

 

$

         0.36

 

 

$

        (0.23

)

 

$

        (0.27

)

 

$

        (0.74

)

Loss per share - diluted

 

$

         (0.24

)

 

$

        (0.23

)

 

$

        (0.68

)

 

$

       (0.74

)

(a)

The Series A Preferred Stock participates in income and losses.

The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive (in common stock equivalent shares):

 

 

 

Three and Nine months ended September 30,

 

 

 

2018

 

 

2017

 

Unvested restricted stock and options to purchase common stock

 

 

3,655,578

 

 

 

2,194,630

 

Series A preferred stock unconverted

 

 

177,996

 

 

 

3,826,920

 

Warrants exercisable into common stock

 

 

13,528,978

 

 

 

13,633,070