Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2015

Basic and diluted net income (loss) per common share is calculated as follows (in thousands, except share and per share data):



	Three Months Ended September 30,					Nine Months Ended September 30,
	2015		2014			2015		2014
Numerator:
Net income (loss)	$	3,507	$	354		$	2,912	$	(14,417	)
Less: net loss attributable to noncontrolling interest	226		—			458		—
Less: Accretion of dividends on redeemable convertible preferred stock	—		(3,628		)	—		(9,828		)
Net income (loss) attributable to On Deck Capital, Inc. common stockholders	$	3,733	$	(3,274	)	$	3,370	$	(24,245	)
Denominator:
Basic weighted-average common shares outstanding	69,678,742		6,424,586			69,472,636		5,470,998
Weighted average effect of dilutive securities:
Stock options	5,151,449		—			5,607,795		—
RSUs and restricted stock	16,531		—			52,229		—
Warrants to purchase common stock	279,018		—			281,688		—
Diluted weighted-average common shares outstanding	75,125,740		6,424,586			75,414,348		5,470,998
Net income (loss) attributable to On Deck Capital, Inc. common stockholders per common share:
Basic	$	0.05	$	(0.51	)	$	0.05	$	(4.43	)
Diluted	$	0.05	$	(0.51	)	$	0.04	$	(4.43	)

Diluted loss per common share is the same as basic loss per common share for all loss periods presented because the effects of potentially dilutive items were anti-dilutive given our net losses in those periods. The following common share equivalent securities have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive for the periods presented:



	Three Months Ended September 30,		Nine Months Ended September 30,
	2015	2014	2015	2014
Anti-Dilutive Common Share Equivalents
Redeemable convertible preferred stock:
Series A	—	4,438,662	—	4,438,662
Series B	—	11,263,702	—	11,263,702
Series C	—	9,735,538	—	9,735,538
Series C-1	—	2,311,440	—	2,311,440
Series D	—	14,467,756	—	14,467,756
Series E	—	5,234,546	—	5,234,546
Warrants to purchase redeemable convertible preferred stock	—	305,000	—	305,000
Warrants to purchase common stock	22,000	3,307,526	309,792	3,307,526
RSUs and restricted stock	1,120,030	—	1,163,580	—
Employee stock purchase program	18,176	—	18,176	—
Stock options	5,344,263	9,970,802	10,928,551	9,970,802
Total anti-dilutive common share equivalents	6,504,469	61,034,972	12,420,099	61,034,972

The weighted-average exercise price for warrants to purchase 2,516,288 shares of common stock was $9.51 as of September 30, 2015 and December 31, 2014. For the three and nine months ended September 30, 2015, a warrant to purchase 2,206,496 shares of common stock was excluded from diluted weighted-average shares outstanding and anti-dilutive common share equivalents as performance conditions had not been met.