Computation of Net Loss per Common Share

9 Months Ended

Dec. 31, 2015

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 each of the three and nine months ended December 31, 2015 and 2014, 1.6 million shares were not included in the calculation of diluted EPS as they were considered anti-dilutive, of which 0.4 million relate to outstanding stock options, and 1.2 million relate to outstanding warrants, respectively.

The following table reconciles the numerators and denominators of the earnings per share calculation for the three and nine months ended December 31, 2015 and 2014 (in thousands, except per share data):

		Three months ended December 31,							Nine months ended December 31,
		2015				2014			2015			2014

Numerator:
Net loss	$		(2,957	)	$		(6,353	)	$	(19,777	)	$	(45,292	)
Denominator:
Weighted-average shares of common stock outstanding			14,010				9,105			13,181			8,326
Weighted-average shares subject to repurchase			(471	)			(341	)		(129	)		(98	)
Shares used in per-share calculation ― basic			13,539				8,764			13,052			8,228
Shares used in per-share calculation ― diluted			13,539				8,764			13,052			8,228
Net loss per share ― basic	$		(0.22	)	$		(0.72	)	$	(1.52	)	$	(5.50	)
Net loss per share ― diluted	$		(0.22	)	$		(0.72	)	$	(1.52	)	$	(5.50	)