Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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 and nine months ended September 30, 2015 and 2014:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2015	2014	2015	2014
Stock options and restricted stock	7,948,021	8,453,854	7,948,021	8,453,854
Series A redeemable convertible preferred stock	8,781,516	8,781,516	8,781,516	8,781,516
Total anti-dilutive common stock equivalents	16,729,537	17,235,370	16,729,537	17,235,370

Computation of Earnings Per Share

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Numerator
Net (loss) income	$	(2,581,939	)	$	(3,232,399	)	$	12,256		$	(4,703,250	)
Effects of Series A redeemable convertible preferred stock:
Less: Series A redeemable convertible preferred stock dividends	190,786			186,904			568,476			560,712
Less: Accretion to redemption value of Series A redeemable convertible preferred stock	149,969			125,915			430,943			361,822
Net loss attributable to common stockholders	$	(2,922,694	)	$	(3,545,218	)	$	(987,163	)	$	(5,625,784	)
Denominator
Weighted average basic shares outstanding	41,113,431			45,158,184			41,004,976			47,025,887
Effect of dilutive securities:
Stock options and restricted stock	—			—			—			—
Series A redeemable convertible preferred stock	—			—			—			—
Weighted average diluted shares outstanding	41,113,431			45,158,184			41,004,976			47,025,887
EPS
Basic net loss per share attributable to common stockholders	$	(0.07	)	$	(0.08	)	$	(0.02	)	$	(0.12	)
Diluted net loss per share attributable to common stockholders	$	(0.07	)	$	(0.08	)	$	(0.02	)	$	(0.12	)