Earnings Per Share

3 Months Ended

Mar. 31, 2016

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 months ended March 31, 2016 and 2015:



	Three Months Ended March 31,
	2016	2015
Stock options and restricted stock	8,163,531	5,308,716
Series A redeemable convertible preferred stock	8,781,516	—
Total anti-dilutive common stock equivalents	16,945,047	5,308,716

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



	Three Months Ended March 31,
	2016			2015
Numerator
Net (loss) income	$	(4,296,612	)	$	5,262,379
Effects of Series A redeemable convertible preferred stock:
Less: Series A redeemable convertible preferred stock dividends	192,608			190,786
Less: Accretion to redemption value of Series A redeemable convertible preferred stock	163,669			137,417
Net (loss) income attributable to common stockholders	$	(4,652,889	)	$	4,934,176
Denominator
Weighted average basic shares outstanding	41,882,232			40,935,380
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	41,882,232			51,264,247
EPS
Basic net (loss) income per share attributable to common stockholders	$	(0.11	)	$	0.12
Diluted net (loss) income per share attributable to common stockholders	$	(0.11	)	$	0.10