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Net loss per common share
 12 Months Ended
Dec. 31, 2013
Net loss per common share

11. Net loss per common share

Basic net loss per share excludes dilution for potentially dilutive securities and is computed by dividing loss applicable to common stockholders by the weighted average number of common shares outstanding during the period excluding the shares loaned under the share lending arrangement (see Note 10). As of December 31, 2011, 2012 and 2013, 9,000,000 shares of the Company’s common stock, which were loaned to a share borrower pursuant to the terms of a share lending agreement, as described in Note 10, were issued and are outstanding, and holders of the borrowed shares have all the rights of a holder of the Company’s common stock. However, because the share borrower must return all borrowed shares to the Company (or, in certain circumstances, the cash value thereof), the borrowed shares are not considered outstanding for the purpose of computing and reporting basic or diluted earnings (loss) per share. Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Potentially dilutive securities are excluded from the computation of diluted net loss per share for all of the periods presented in the accompanying statements of operations because the reported net loss in each of these periods results in their inclusion being antidilutive. Antidilutive securities, which consist of stock options, restricted stock units, warrants, and shares that could be issued upon conversion of the 2015 senior convertible notes and the 2019 notes, that are not included in the diluted net loss per share calculation exclude the 9,000,000 shares of the Company’s common stock loaned under the share lending arrangement as of December 31, 2012 and 2013.

 

Potentially dilutive securities outstanding are summarized as follows:

 

     December 31,  
     2011      2012      2013  

Exercise of common stock options

      10,082,351         18,674,539         24,237,940   

Conversion of senior convertible notes into common stock

      19,826,113         19,826,113         25,415,366   

Exercise of common stock warrants

      —         86,062,440         19,706,240   

Vesting of restricted stock units

      4,140,388         3,761,031         9,115,821   
  

 

 

     

 

 

     

 

 

  
     34,048,852         128,324,123         78,475,367