9. EARNINGS PER SHARE

Basic and Diluted Net Loss Per Common Share

Basic net loss per common share has been computed by dividing net loss by the weighted average number of shares outstanding during the period. Except where the result would be antidilutive to income from continuing operations, diluted net loss per common share is computed assuming the conversion of convertible obligations and the elimination of the interest expense related to the 2022 Notes, the exercise of options to purchase common shares, the exercise of warrants, and the vesting of restricted stock units (“RSUs”), as well as their related income tax effects. Diluted net loss per common share differs from basic net loss per common share for the three and six months ended June 30, 2017 given potential common shares underlying the warrants liability are dilutive when considering the unrealized gain recognized for the change in the fair value of the warrants during the period.


	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017			2016

Net loss, basic	$	(27,520)	$	(17,475)	$	(54,997)	$	(51,263)
Effect of dilutive securities:
Change in fair value of warrants liability		—		(159)		(24)		(4,740)
Net loss, diluted	$	(27,520)	$	(17,634)	$	(55,021)	$	(56,003)

Shares used in calculating basic net loss per common share		66,110		64,360		65,901		58,258
Effect of dilutive securities:
Effect of dilutive stock options, RSUs						—		—
Warrants to purchase common shares - liability-classified		—		3		—		104
Shares used in calculating diluted net loss per common share		66,110		64,363		65,901		58,362

Net loss per common share, basic	$	(0.42)	$	(0.27)	$	(0.83)	$	(0.88)
Net loss per common share, diluted	$	(0.42)	$	(0.27)	$	(0.83)	$	(0.96)

Potential common shares excluded from the calculation of diluted net loss per common share as their inclusion would have been antidilutive were:


	Three Months Ended June 30,		Six Months Ended June 30,
	2017	2016	2017	2016

Options to purchase common shares, RSUs and PSUs	9,128	7,334	9,128	7,334
Warrants to purchase common shares - equity-classified	884	3,561	884	992
2022 Notes convertible into common shares	9,057	9,057	9,057	9,057

The Company assumed outstanding warrants in connection with the acquisition of Tribute. The warrants are classified either as a liability, if the exercise price is denominated in Canadian dollars, or as equity if the exercise price is denominated in U.S. dollars. The following is a summary of warrants outstanding and exercisable as of June 30, 2017, and grouped in accordance with their respective expiration dates, with Canadian dollar exercise prices translated to U.S. dollars at the foreign exchange rate in effect at June 30, 2017:


	No. of Warrants	Weighted-Average
Quarterly period of expiration	Outstanding	Exercise Price

Q1 2018	599	$	4.12
Q3 2018	16	$	3.78
Q4 2019	108	$	4.81
Q3 2020	110	$	4.09
Q1 2021	51	$	2.91
	884	$	4.13