EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2015

Net income (loss) per common share:

EARNINGS PER SHARE

The calculation of basic and diluted earnings (loss) per share is presented below:

	Three Months Ended				Nine Months Ended
	September 30:				September 30:
	2015		2014		2015			2014
Net income (loss)	$	9,229	$	41,415	$	(15,490	)	$	(43,076	)
Plus interest effect from assumed conversion of convertible debt		1,280		-		-			-
Adjusted amounts	$	10,509	$	41,415	$	(15,490	)	$	(43,076	)
Weighted average shares outstanding:
Basic		71,510,551		5,415,000		51,170,881			4,855,003
Warrants and stock options		25,917		290,797		-			-
Unvested restricted common stock		2,930,332		30,187		-			-
Assumed conversion of convertible debt		38,894,655		958,918		-			-
Diluted		113,361,455		6,694,902		51,170,881			4,855,003
Earnings (loss) per share:
Basic	$	0.13	$	7.65	$	(0.30	)	$	(8.87	)
Diluted	$	0.09	$	6.19	$	(0.30	)	$	(8.87	)

For the three months ended September 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 nine months ended September 30, 2015 and the three and nine months ended September 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:

	Three Months Ended				Nine Months Ended
	September 30:				September 30:
Common Stock Equivalent	2015		2014		2015		2014
Warrants		258,824,869		1,099,899		265,068,558		958,963
Convertible debt		-		958,897		38,894,655		671,595
Stock options		31,112,983		520,321		31,362,983		470,367
Unvested restricted common stock		-		-		2,930,332		-
Total		289,937,852		2,579,117		338,256,528		2,100,925