NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2019

NET LOSS PER SHARE

NET LOSS PER SHARE

NOTE 14 NET LOSS PER SHARE

Basic net income (loss) per share is computed by dividing the net income or (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed similarly except that the weighted average number of common shares is increased to reflect all dilutive instruments. Diluted net income per share is calculated using the treasury stock method. In applying the treasury stock method, employee stock options with an exercise price greater than the average quoted market price of the common shares for the period outstanding are not included in the calculation of diluted net income per share as the impact is anti-dilutive.  Potentially dilutive instruments are not considered in calculating the diluted loss per share, as their effect would be anti-dilutive.

Below is a reconciliation of the basic and diluted weighted average number of common shares and the computations for basic and diluted net (loss) per share for the years ended December 31, 2019, 2018 and 2017:

	Year ended December 31,
	2019		2018		2017
	(amounts in thousands, unless otherwise noted)
Net loss	$	(59,747)	$	(44,870)	$	(10,634)
Weighted average common shares outstanding:		361,845		337,297		313,887
Diluted shares outstanding:		361,845		337,297		313,887
Net loss per share - basic and diluted	$	(0.17)	$	(0.13)	$	(0.03)

For the years ended December 31, 2019, 2018 and 2017, all outstanding options to purchase shares of common stock were excluded from the computation of diluted loss per share, as the Company was in a loss position, all potentially dilutive instruments were anti-dilutive and therefore not included in the calculation of diluted net loss per share.

In 2019, warrants to purchase 29,770,766 shares of common stock at prices of $1.72 and $2.00 were excluded from the computation of diluted weighted average shares outstanding because their effect would have been anti-dilutive (2018 – nil warrants, 2017 – warrants to purchase 10,350,000 shares at a price of $2.70).