Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2017

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, 2017 and 2016:



	Three Months Ended September 30,		Nine Months Ended September 30,
	2017	2016	2017	2016
Stock options and restricted stock	2,309,950	6,677,895	2,786,418	6,677,895
Series A redeemable convertible preferred stock	8,781,516	8,781,516	8,781,516	8,781,516
Total anti-dilutive common stock equivalents	11,091,466	15,459,411	11,567,934	15,459,411

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,
	2017		2016			2017			2016
Numerator
Net income (loss)	$	1,429,173	$	(1,976,173	)	$	(322,825	)	$	(9,807,667	)
Effects of Series A redeemable convertible preferred stock:
Less: Series A redeemable convertible preferred stock dividends	215,000		194,012			634,664			581,986
Less: Accretion to redemption value of Series A redeemable convertible preferred stock	—		178,619			—			513,269
Net income (loss) attributable to common stockholders	$	1,214,173	$	(2,348,804	)	$	(957,489	)	$	(10,902,922	)
Denominator
Weighted average basic shares outstanding	44,552,892		43,488,448			44,362,367			42,847,038
Effect of dilutive securities:
Stock options and restricted stock	901,468		—			—			—
Series A redeemable convertible preferred stock	8,781,516		—			—			—
Weighted average diluted shares outstanding	54,235,876		43,488,448			44,362,367			42,847,038
EPS
Basic net income (loss) per share attributable to common stockholders	$	0.03	$	(0.05	)	$	(0.02	)	$	(0.25	)
Diluted net income (loss) per share attributable to common stockholders	$	0.02	$	(0.05	)	$	(0.02	)	$	(0.25	)