Loss per Share

6 Months Ended

Jun. 30, 2012

Loss per Share

Loss per Share

5.Loss per Share

Basic net loss per common share has been calculated based upon the weighted-average number of shares of common stock outstanding during the period.  Diluted net loss per share is also computed using the weighted average number of common shares and excludes dilutive potential common shares outstanding, as their effect is anti-dilutive.  Dilutive potential common shares consist primarily of employee stock options and stock warrants.  Diluted net loss per share is equal to basic net loss per share and is therefore not presented separately in the financial statements.  The weighted average number of potential common shares that would have been included in diluted loss per share, had their effect not been anti-dilutive for each of the three-month and six-month periods ended June 30, 2012, were approximately 1,984,000 shares and 2,992,000 shares, respectively, versus 6,621,000 shares and 7,641,000 shares for the three-month and six-month periods ended June 30, 2011, respectively.  Employee stock options and other stock warrants to purchase a weighted average of approximately 10,053,000 and 7,965,000 shares were outstanding for the three-month and six-month periods ended June 30, 2012, respectively, versus 8,990,000 and 8,096,000 shares for the three-month and six-month periods ended June 30, 2011, respectively, but would not have been included in the computation of diluted loss per share because their exercise price was greater than the average share price of Wave’s common shares and, therefore, their effect would have been anti-dilutive.