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Computation of Net (Loss) Income Per Common Share
 6 Months Ended
Sep. 30, 2013
Computation of Net (Loss) Income Per Common Share

3. Computation of Net Loss per Common Share

Basic net loss per share (“EPS”) is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. Where applicable, diluted EPS is computed by dividing the net loss by the weighted-average number of common shares and dilutive common equivalent shares outstanding during the period, calculated using the treasury stock method. Common equivalent shares include the effect of restricted stock, exercise of stock options and warrants and contingently issuable shares. For each of the three and six months ended September 30, 2013, 9.7 million shares were not included in the calculation of diluted EPS as they were considered anti-dilutive, of which 3.2 million relate to unvested stock options, 3.2 million relate to the issuance of warrants, and 3.3 million shares relate to the convertible feature of the Company’s Exchanged Note. For the three and six months ended September 30, 2012, 8.8 million shares were not included in the calculation of diluted EPS as they were considered anti-dilutive, of which 3.0 million relate to unvested stock options, 3.2 million relate to the issue of warrants and 2.6 million shares related to the convertible feature of the Company’s Exchanged Note.

The following table reconciles the numerators and denominators of the earnings per share calculation for the three and six months ended September 30, 2013 and 2012 (in thousands, except per share data):

 

 

Three months ended
September 30,

 

 

 

Six months ended
September 30,

 

 

 

2013

 

 

2012

 

 

2013

 

 

2012

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss             

$

(14,623

)

 

$

(15,949

)

 

 

(25,135

)

 

 

(26,224

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares of common stock outstanding             

 

  62,787

  

 

 

  52,606

  

 

 

  61,583

  

 

 

  52,202

  

Weighted-average shares subject to repurchase             

 

(1,671

)

 

 

(699

)

 

 

(1,871

)

 

 

(651

)

Shares used in per-share calculation — basic             

 

  61,116

  

 

 

  51,907

  

 

 

  59,712

  

 

 

  51,551

  

Shares used in per-share calculation — diluted             

 

  61,116

  

 

 

  51,907

  

 

 

  59,712

  

 

 

  51,551

  

Net loss per share — basic             

$

(0.24

)

 

$

(0.31

)

 

$

(0.42

)

 

$

(0.51

)

Net loss per share — diluted             

$

(0.24

)

 

$

(0.31

)

 

$

(0.42

)

 

$

(0.51

)