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EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE

Basic earnings per share includes no dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the periods presented. The calculation of basic earnings per share for the six months ended June 30, 2016 includes the weighted average of common shares outstanding. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity, such as convertible preferred stock, stock options, warrants or convertible securities. Due to their anti-dilutive effect, the calculation of diluted earnings per share for the six months ended June 30, 2016 excludes: 1) options to purchase 2,777,552 shares of common stock, 2) warrants to purchase 4,252,135 shares of common stock, 3) Series B Preferred stock which is convertible into 4,832,422 shares of common stock, 4) Series B1 Preferred stock which is convertible into 12,403,683 shares of common stock and, 5) Series A Preferred and Series C Preferred stock, also convertible into common stock.

The following is a reconciliation of the numerator and denominator for basic and diluted earnings per share for the six months ended June 30, 2016 and 2015: 

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
Basic Earnings per Share
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net (loss) income available to common shareholders
$
(6,331,864
)
 
$
(445,195
)
 
$
(8,495,639
)
 
$
(17,411,650
)
Denominator:
 
 
 
 
 

 
 

Weighted-average shares outstanding
29,765,702

 
28,130,575

 
29,535,212

 
28,124,492

Basic earnings per share
$
(0.21
)
 
$
(0.02
)
 
$
(0.29
)
 
$
(0.62
)
 
 
 
 
 
 
 
 
Diluted Earnings per Share
 
 
 
 
 

 
 

Numerator:
 
 
 
 
 

 
 

Net (loss) income available to common shareholders
$
(6,331,864
)
 
$
(445,195
)
 
$
(8,495,639
)
 
$
(17,411,650
)
Denominator:
 
 
 
 
 

 
 

Weighted-average shares outstanding
29,765,702

 
28,130,575

 
29,535,212

 
28,124,492

Effect of dilutive securities
 
 
 
 
 

 
 

Stock options and warrants
—

 
—

 
—

 
—

Preferred stock
—

 
—

 
—

 
—

Diluted weighted-average shares outstanding
29,765,702

 
28,130,575

 
29,535,212

 
28,124,492

Diluted earnings per share
$
(0.21
)
 
$
(0.02
)
 
$
(0.29
)
 
$
(0.62
)