Net loss per share

9 Months Ended

Sep. 30, 2015

7.Net loss per share

Basic earnings per share is computed by dividing net loss by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net loss by the weighted-average number of common shares plus the effect of dilutive potential common shares outstanding during the period.

The following tables set forth the computation of basic and diluted net loss per share:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Numerator
Net loss	$	(43,223	)	$	(27,282	)	$	(119,499	)	$	(66,484	)
Denominator
Denominator for basic and diluted net loss per share	33,908,853			29,351,693			33,528,833			28,441,827

Net loss per share:
Basic and diluted	$	(1.27	)*	$	(0.93	)*	$	(3.56	)*	$	(2.34	)*

*In the three and nine months ended September 30, 2015 and 2014, the Company experienced a net loss and therefore did not report any dilutive share impact.

The following table shows historical dilutive common share equivalents outstanding, which are not included in the above historical calculation, as the effect of their inclusion is anti-dilutive during each period.

	As of September 30,
	2015	2014
Stock Options	4,788,264	3,443,778
Unvested restricted stock	353,135	729,320

Total	5,141,399	4,173,098

In August 2015, the Company issued, at par value, $150.0 million aggregate principal amount of 3.0% convertible senior notes due 2022 (the Convertible Notes) (see Note 9, Convertible Senior Notes). The conversion rate for the Convertible Notes was initially, and remains 17.7487 shares of the Company’s common stock per $1,000 principal amount of the Convertible Notes, which is equivalent to an initial conversion price of approximately $56.34 per share of the Company’s common stock. For the three and nine months ended September 30, 2015, there was no dilutive effect of the Convertible Notes as the stock price did not exceed the conversion price and the Company reported a loss.