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Computation of Net Loss per Common Share
 3 Months Ended
Jun. 30, 2014
Computation of Net Loss 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 the three months ended June 30, 2014, 7.4 million shares were not included in the calculation of diluted EPS as they were considered anti-dilutive, of which 3.9 million relate to unexercised stock options, and 3.5 million relate to the issuance of warrants. For the three months ended June 30, 2013, 10.6 million shares were not included in the calculation of diluted EPS as they were considered anti-dilutive, of which 2.9 million relate to unvested stock options, 3.2 million relate to the issue of warrants and 4.5 million shares related to the convertible feature of the Company’s unsecured, senior convertible note (the “Exchanged Note”).

The following table reconciles the numerators and denominators of the earnings per share calculation for the three months ended June 30, 2014 and 2013 (in thousands, except per share data):

 

 

Three months ended June 30,

 

 

2014

 

 

 

2013

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

     Net loss

$

(13,517

)

 

$

 

(10,513

)

Denominator:

 

 

 

 

 

 

 

 

Weighted-average shares of common stock outstanding

 

79,619

 

 

 

 

60,463

 

Weighted-average shares subject to repurchase

 

(1,931

)

 

 

 

(2,163

)

Shares used in per-share calculation ― basic

 

77,688

 

 

 

 

58,300

 

Shares used in per-share calculation ― diluted

 

77,688

 

 

 

 

58,300

 

Net loss per share ― basic

$

(0.17

)

 

$

 

(0.18

)

Net loss per share ― diluted

$

(0.17

)

 

$

 

(0.18

)