Three Months Ended

Nine Months Ended

September 30,

(in thousands, except per share data)

2016

2015

2016

2015

Numerator:

Net income (loss) available to common shareholders

$

(964

)

$

(1,587

)

$

(3,428

)

$

9,771

Effect of dilutive securities

Derivative liability - warrants

$

-

$

-

$

-

$

(1,800

)

Accretion on convertible preferred stock

-

222

Numerator for diluted income (loss) per common share

$

(964

)

$

(1,587

)

$

(3,428

)

$

8,193

Denominator:

Weighted average shares used to compute basic income (loss) per common share

27,075

27,051

27,059

23,414

Effect of dilutive securities:

Derivative liability - warrants

-

54

Convertible preferred stock

-

2,862

Stock options

-

16

Denominator for diluted income (loss) per common share

27,075

27,051

27,059

26,346

Basic income (loss) per common share

$

(0.04

)

$

(0.06

)

$

(0.13

)

$

0.42

Diluted income (loss) per common share

$

(0.04

)

$

(0.06

)

$

(0.13

)

$

0.31