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Computation of Net Loss per Common Share
 9 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
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 each of the three and nine months ended December 31, 2014, 15.7 million shares were not included in the calculation of diluted EPS as they were considered anti-dilutive, of which 3.8 million relate to unexercised stock options, and 11.9 million relate to outstanding warrants. For each of the three and nine months ended December 31, 2013, 10.1 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, 3.5 million relate to outstanding warrants and 3.4 million shares relate to the number of shares underlying 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 and nine months ended December 31, 2014 and 2013 (in thousands, except per share data):

 

 

Three months ended December 31,

 

 

Nine months ended December 31,

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Net loss

$

(6,353

)

 

$

(8,417

)

 

$

(45,292

)

 

$

(33,553

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares of common stock outstanding

 

91,054

 

 

 

64,442

 

 

 

83,263

 

 

 

62,256

 

Weighted-average shares subject to repurchase

 

(3,409

)

 

 

(2,133

)

 

 

(979

)

 

 

(1,678

)

Shares used in per-share calculation ― basic

 

87,645

 

 

 

62,309

 

 

 

82,284

 

 

 

60,578

 

Shares used in per-share calculation ― diluted

 

87,645

 

 

 

62,309

 

 

 

82,284

 

 

 

60,578

 

Net loss per share ― basic

$

(0.07

)

 

$

(0.14

)

 

$

(0.55

)

 

$

(0.55

)

Net loss per share ― diluted

$

(0.07

)

 

$

(0.14

)

 

$

(0.55

)

 

$

(0.55

)