EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2015

Net income (loss) per common share:

EARNINGS PER SHARE

The following table represents a reconciliation of basic and diluted earnings (loss) per share:

	Three Months Ended June 30:					Six Months Ended June 30:
	2015		2014			2015			2014
Net income (loss)	$	42,784	$	(367	)	$	(24,719	)	$	(84,491	)
Weighted average shares outstanding:
Basic		61,696,000		4,900,000			40,527,000			4,574,000
Diluted		180,253,000		4,900,000			40,527,000			4,574,000
Earnings (loss) per share
Basic	$	0.69	$	(0.07	)	$	(0.61	)	$	(18.47	)
Diluted	$	0.24	$	(0.07	)	$	(0.61	)	$	(18.47	)

For the three months ended June 30, 2015, certain common stock equivalents were excluded from the computation of diluted earnings per share based on the Company’s application of the as-converted and treasury stock methods. For the six months ended June 30, 2015 and the three and six months ended June 30, 2014, all common stock equivalents were excluded from the computation of diluted earnings per share since the result would be antidilutive due to the net loss for those periods. Common stock equivalents that were excluded for each of these periods are as follows:

	Period Ended June 30, 2015				Period Ended June 30, 2014
	Three Months		Six Months		Three Months		Six Months
Common stock equivalents:
Warrants		28,074,366		157,663,454		967,649		1,100,085
Stock options		18,380,569		30,796,317		441,622		446,315
Shares issuable under convertible debt		37,735,502		37,735,502		690,867		690,867
Unvested restricted stock		-		2,963,665		-		-
Total		84,190,437		229,158,938		2,100,138		2,237,267