Net Income (Loss) Per Share of Common Stock

9 Months Ended

Sep. 30, 2020

Net Income (Loss) Per Share of Common Stock

NOTE 4 — NET INCOME (LOSS) PER SHARE OF COMMON STOCK

Basic income (loss) per share is calculated by dividing the net income (loss) by the weighted average number of shares of common stock outstanding. Diluted income per share is computed by dividing the net income by the weighted average number of shares of common stock outstanding, plus potential outstanding common stock for the period. Potential outstanding common stock includes stock options and shares underlying RSUs, but only to the extent that their inclusion is dilutive. The following table sets forth the computation of basic and diluted loss per share for common stockholders:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020		2019
Net (loss) income	$	(8,112,613	)	$	(13,962,003	)	$	9,265,598	$	(42,265,674	)

Weighted average shares of common stock outstanding - basic		41,917,923			39,025,471			40,199,196		39,006,561
Dilutive effect		—			—			278,605		—
Weighted average shares of common stock outstanding - diluted		41,917,923			39,025,471			40,477,801		39,006,561

Net (loss) income per ordinary share:
Basic	$	(0.19	)	$	(0.36	)	$	0.23	$	(1.08	)
Diluted	$	(0.19	)	$	(0.36	)	$	0.23	$	(1.08	)

The following securities outstanding at September 30, 2020 and 2019 have been excluded from the calculation of weighted average shares outstanding as their effect on the calculation of loss per share is antidilutive:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Common stock options		9,347,054		8,508,672		6,357,500		8,508,672
Restricted stock units		48,650		127,300		48,650		127,300
Common stock warrants		40,790		40,790		40,790		40,790