Earnings Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic EPS is computed based on the weighted average number of shares of common stock outstanding. Diluted EPS is computed based on the weighted average number of common shares outstanding increased by dilutive common stock equivalents, attributable to stock option awards, restricted stock awardsand the Series A redeemable convertible preferred stock outstanding.

The following represents the common stock equivalents that were excluded from the computation of diluted shares outstanding because their effect would have been anti-dilutive for the three months ended March 31, 2015 and 2014:

	Three Months Ended March 31,
	2015	2014
Stock options and restricted stock	5,308,716	7,968,332
Series A redeemable convertible preferred stock	—	8,781,516
Total anti-dilutive common stock equivalents	5,308,716	16,749,848

The following represents a reconciliation of the numerators and denominators of the basic and diluted EPS computation:  

	Three Months Ended March 31,
	2015		2014
Numerator
Net income (loss)	$	5,262,379	$	(2,801,798	)
Effects of Series A redeemable convertible preferred stock:
Less: Series A redeemable convertible preferred stock dividends	190,786		186,904
Less: Accretion to redemption value of Series A redeemable convertible preferred stock	137,417		115,376
Net income (loss) attributable to common stockholders	$	4,934,176	$	(3,104,078	)
Denominator
Weighted average basic shares outstanding	40,935,380		48,031,737
Effect of dilutive securities:
Stock options and restricted stock	1,547,351		—
Series A redeemable convertible preferred stock	8,781,516		—
Weighted average diluted shares outstanding	51,264,247		48,031,737
EPS
Basic net income (loss) per share attributable to common stockholders	$	0.12	$	(0.06	)
Diluted net income (loss) per share attributable to common stockholders	$	0.10	$	(0.06	)