NET LOSS PER SHARE - Note 2

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Net Loss Per Share

2. NET LOSS PER SHARE

Basic net loss per share is calculated using the weighted-average number of common shares outstanding during the reporting periods. Diluted net loss per share is calculated using the weighted-average number of common shares outstanding and taking into account the dilutive effect of all potentially dilutive securities, including common stock equivalents and convertible securities outstanding. Potentially dilutive common stock equivalents primarily consist of warrants, employee stock options and nonvested equity shares. Diluted net loss per share for the three and six months ended June 30, 2012 and 2011 is equal to basic net loss per share because the effect of all potential common stock outstanding during the periods, including options, warrants and nonvested equity shares is anti-dilutive. The components of basic and diluted net loss per share were as follows (in thousands, except loss per share data):

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2012		2011		2012		2011
Numerator:
Net loss available for common shareholders - basic and diluted	$	(4,971)	$	(9,175)	$	(14,774)	$	(18,212)
Denominator:
Weighted-average common shares outstanding - basic and diluted		19,167		13,272		18,097		13,056
Net loss per share - basic and diluted	$	(0.26)	$	(0.69)	$	(0.82)	$	(1.39)

We excluded the following convertible securities from diluted net loss per share, as the effect of including them would have been anti-dilutive:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2012	2011	2012	2011
Publicly Traded Warrants Exercisable	753,000	753,000	753,000	753,000
Options and Private Warrants Exercisable	5,302,000	1,302,000	5,302,000	1,302,000
Nonvested Equity Shares	80,000	127,000	80,000	127,000
Total	6,135,000	2,182,000	6,135,000	2,182,000