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Net Loss Per Share
9 Months Ended
Sep. 30, 2011
Net Loss Per Share
Net Loss Per Share
 
The following is a summary of the basic and diluted net loss per share computation for the three and nine months ended September 30, 2011 and 2010 (amounts in thousands, except share and per share data):  

 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2011
 
2010
 
2011
 
2010
Net loss
 
$
(205
)
 
$
(93
)
 
$
(1,355
)
 
$
(155
)
Less: distributions declared on Preferred Shares
 
(357
)
 
(281
)
 
(1,059
)
 
(447
)
Net loss available to common stockholders
 
$
(562
)
 
$
(374
)
 
$
(2,414
)
 
$
(602
)
Weighted average common shares outstanding
 
2,198,529

 
29,000

 
1,344,555

 
29,000

Net loss per share, basic and diluted
 
$
(0.26
)
 
NM

 
$
(1.80
)
 
NM

 ____________________________________
NM – not meaningful

There were no distributions paid on unvested restricted stock during the three and nine months ended September 30, 2011 and 2010.  Diluted net loss per share assumes the conversion of all common share equivalents into an equivalent number of common shares, unless the effect is antidilutive.  The Company considers stock options, unvested restricted stock and Preferred Shares to be common share equivalents.  The following common share equivalents as of September 30, 2011 and 2010 were excluded from diluted loss per share computations as their effect would have been antidilutive for the three and nine months ended September 30, 2011 and 2010:
 
 
September 30,
 
 
2011
 
2010
Unvested restricted stock
 
13,800

 
9,000

Preferred Shares
 
1,966,376

 
1,966,376