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Net Income (Loss) per Share
 3 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Net Income (Loss) per Share
10. Net Income (Loss) per Share

Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of common shares outstanding during the period. For periods in which the Company reports net income, diluted net income (loss) per share is determined by adding to the basic weighted average number of common shares outstanding the total number of dilutive common equivalent shares using the treasury stock method, unless the effect is anti-dilutive.

The following table reconciles the number of shares used to compute basic and diluted net income (loss) per share:

 

     Three Months Ended September 30,  
     2014      2013  

Number of common shares - basic

      29,322,708         25,917,924   

Effect of dilutive securities:

      

Stock options

      1,164,260         —     

Warrants

      277,926         —     
  

 

 

     

 

 

  

Number of common shares - diluted

      30,764,894         25,917,924   
  

 

 

     

 

 

  

Potential common stock equivalents excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive were as follows:

 

     September 30,  
     2014      2013  

Options outstanding

      1,230,724         3,959,699   

Warrants outstanding

      552,500         1,176,105   
  

 

 

     

 

 

  
     1,783,224         5,135,804