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Net Loss Per Share
 12 Months Ended
Dec. 31, 2012
Earnings (Loss) Per Share [Abstract]  
Earnings (Loss) Per Share

(2) Net Loss Per Share

The Company calculates basic earnings per share by dividing (loss) earnings attributable to common stockholders by the weighted average common shares outstanding during the period, excluding common stock subject to vesting provisions. Diluted earnings per share is computed by dividing (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period increased to include, if dilutive, the number of additional common shares that would have been outstanding if the potential common shares had been issued. The Company’s potentially dilutive shares include options and warrants.

A reconciliation of the numerator and denominator used in the calculation of basic and diluted loss per share follows:

 

                 
    Years Ended December 31,  
    2012     2011  
(In thousands, except shares and per share data)            

Net loss

   $ (4,320 )    $ (5,364 ) 
   

 

 

    

 

 

  

Net loss available to common shareholders

   $ (4,320 )    $ (5,364 ) 
   

 

 

    

 

 

  

Weighted average shares of common stock outstanding

     2,226,299       1,675,824  

Less: Weighted-average shares of unvested common stock

     (2,783 )      (2,783 ) 
   

 

 

    

 

 

  

Total weighted-average shares used in computing net loss per share attributed to common stockholders

     2,223,516       1,673,041  
   

 

 

    

 

 

  

Basic and diluted loss per share

   $ (1.94 )    $ (3.21 ) 
   

 

 

    

 

 

  

Potentially dilutive securities representing 762,000 and 349,000 weighted average shares of common stock were excluded for the years ended December 31, 2012 and 2011, respectively, because including them would have an anti-dilutive effect on net loss attributable to common stockholders per share.

Subsequent to December 31, 2012, the Company sold 521,066 shares of ARCA common stock and warrants to purchase 315,356 shares of ARCA common stock in two separate equity financings (see Note 8). Those shares, and the potentially dilutive securities represented by the warrants, had the transactions occurred before December 31, 2012, would have changed the number of common shares and potential common shares outstanding as of December 31, 2012.