EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2016

Basic income (loss) per share is computed by dividing net income (loss) attributable to the Corporation by the weighted average number of common shares outstanding during each period. Diluted income (loss) per share is computed by dividing net income (loss) attributable to the Corporation by the sum of the weighted-average number of shares outstanding during each period and the dilutive potential common shares outstanding during the period determined under the treasury stock method. In loss periods, basic net loss and diluted net loss are the same since the effect of potential common shares is anti-dilutive and therefore excluded.

Dilutive potential common shares consist of shares issuable upon (i) the vesting of restricted stock, (ii) the exercising of warrants at average market prices greater than their exercise prices, and (iii) the exercising of stock options at average market prices greater than their exercise prices. Under the treasury stock method, dilutive potential common shares are determined based on the assumed exercise of dilutive restricted stock, stock options and warrants less the number of treasury shares assumed to be purchased from the amount that must be paid to exercise stock options, the amount of compensation expense for future service that has not yet been recognized for restricted stock and stock options, and the amount of tax benefits that will be recorded in additional paid-in capital when the dilutive awards become deductible.

As discussed in Note 2, the Corporation completed a 135-for-1 reverse split of the outstanding common stock effective as of the Closing Date of the Restructuring. As a result, all share and per share amounts for all periods presented have been adjusted to reflect the reverse split as though it had occurred prior to the earliest period presented.

The computation of basic and diluted net loss per share is as follows:



	Net Loss Attributable to the Corporation			Shares	Per Share
Year Ended December 31, 2016:
Basic loss per share	$	(25,030	)	4,083,103	$	(6.13	)
Effect of dilutive securities	—			—	—
Diluted loss per share	$	(25,030	)	4,083,103	$	(6.13	)

Year Ended December 31, 2015:
Basic loss per share	$	(9,875	)	116,791	$	(84.55	)
Effect of dilutive securities	—			—	—
Diluted loss per share	$	(9,875	)	116,791	$	(84.55	)

Options to purchase 311,477 and 1,790 shares of common stock were excluded from the calculation of diluted net loss per share for the years ended December 31, 2016 and 2015, respectively, since the option exercise price was higher than the weighted average share price during the period the options were outstanding, thus being anti-dilutive. Unvested restricted stock units representing 21,668 and 1,610 issuable shares were excluded from the calculation of diluted net loss per share for the years ended December 31, 2016 and 2015, respectively, since they were anti-dilutive. Warrants to purchase 308,752 and 4,310 shares of common stock were excluded from the calculation of diluted net loss per share for the years ended December 31, 2016 and 2015, respectively, since the warrant exercise price was higher than the weighted average share price during the respective periods, thus being anti-dilutive.