Computation of Net Loss per Common Share

6 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Computation of Net Loss per Common Share

3. Computation of Net Loss per Common Share

Basic net loss per share (“EPS”) is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. Where applicable, diluted EPS is computed by dividing the net loss by the weighted-average number of common shares and dilutive common equivalent shares outstanding during the period, calculated using the treasury stock method. Common equivalent shares include the effect of restricted stock, exercise of stock options and warrants and contingently issuable shares. For each of the three and six months ended September 30, 2014, 7.4 million shares were not included in the calculation of diluted EPS as they were considered anti-dilutive, of which 3.9 million relate to unexercised stock options, and 3.5 million relate to the issuance of warrants. For each of the three and six months ended September 30, 2013, 9.7 million shares were not included in the calculation of diluted EPS as they were considered anti-dilutive, of which 3.2 million relate to unvested stock options, 3.2 million relate to the issue of warrants and 3.3 million shares related to the convertible feature of the Company’s unsecured, senior convertible note (the “Exchanged Note”).

The following table reconciles the numerators and denominators of the earnings per share calculation for the three and six months ended September 30, 2014 and 2013 (in thousands, except per share data):

	Three months ended September 30,						Six months ended September 30,
	2014			2013			2014			2013
Numerator:
Net loss	$	(25,423	)	$	(14,623	)	$	(38,939	)	$	(25,135	)
Denominator:
Weighted-average shares of common stock outstanding		83,048			62,787			80,876			61,583
Weighted-average shares subject to repurchase		(1,577	)		(1,671	)		(1,286	)		(1,871	)
Shares used in per-share calculation ― basic		81,471			61,116			79,590			59,712
Shares used in per-share calculation ― diluted		81,471			61,116			79,590			59,712
Net loss per share ― basic	$	(0.31	)	$	(0.24	)	$	(0.49	)	$	(0.42	)
Net loss per share ― diluted	$	(0.31	)	$	(0.24	)	$	(0.49	)	$	(0.42	)