Earnings Per Share

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic earnings per share ("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, 2017 and 2016:

	Three Months Ended March 31,
	2017	2016
Stock options and restricted stock	6,653,115	8,163,531
Series A redeemable convertible preferred stock	8,781,516	8,781,516
Total anti-dilutive common stock equivalents	15,434,631	16,945,047

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

	Three Months Ended March 31,
	2017			2016
Numerator
Net loss	$	(1,112,197	)	$	(4,296,612	)
Effects of Series A redeemable convertible preferred stock:
Less: Series A redeemable convertible preferred stock dividends	204,575			192,608
Less: Accretion to redemption value of Series A redeemable convertible preferred stock	—			163,669
Net loss attributable to common stockholders	$	(1,316,772	)	$	(4,652,889	)
Denominator
Weighted average basic shares outstanding	44,088,352			41,882,232
Effect of dilutive securities:
Stock options and restricted stock	—			—
Series A redeemable convertible preferred stock	—			—
Weighted average diluted shares outstanding	44,088,352			41,882,232
EPS
Basic net loss per share attributable to common stockholders	$	(0.03	)	$	(0.11	)
Diluted net loss per share attributable to common stockholders	$	(0.03	)	$	(0.11	)