XML 28 R9.htm IDEA: XBRL DOCUMENT v3.3.0.814
Earnings Per Share
 9 Months Ended
Sep. 30, 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 awards and 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 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



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
)