NET LOSS PER SHARE OF COMMON STOCK

9 Months Ended

Sep. 30, 2015

NOTE 12 - NET LOSS PER SHARE OF COMMON STOCK

Net loss per share for the three- and nine-month periods ended September 30, 2014 and 2015 are as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2014		2015		2014		2015
Basic and diluted loss per share
Net loss	$	(2,444,000)	$	(1,895,000)	$	(6,980,000)	$	(8,982,000)

Weighted-average shares outstanding		12,107,000		12,768,000		12,072,000		12,523,000

Basic and diluted net loss per share	$	(0.20)	$	(0.15)	$	(0.58)	$	(0.72)

Basic loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution assuming common shares were issued upon the exercise of outstanding options and the proceeds thereof were used to purchase outstanding common shares. Dilutive potential common shares include outstanding stock options, warrants and restricted stock and performance shares awards. For the three- and nine- month periods ended September 30, 2014, the basic and diluted weighted-average shares outstanding are the same, since the effect from the potential exercise of outstanding stock options, warrants and vesting of restricted stock and performance shares of 3,015,000 would have been anti-dilutive. For the three- and nine- month periods ended September 30, 2015, the basic and diluted weighted-average shares outstanding are the same, since the effect from the potential exercise of outstanding stock options, warrants and vesting of restricted stock and performance shares of 1,949,000 would have been anti-dilutive. The warrants exercisable by Avis Budget Group upon ABCR’s execution and delivery of SOW#2 also have no impact on diluted loss per share since they are considered unissued as of September 30, 2015.