NET LOSS PER COMMON SHARE

6 Months Ended

Jun. 30, 2017

6 - NET LOSS PER COMMON SHARE

The computation of basic net loss per share is based on the weighted-average number of common shares outstanding during the reporting period. The computation of diluted net loss per share assumes the vesting of nonvested stock awards and the exercise of stock options (refer to Note 17 — Stock-Based Compensation), for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost attributable to future services and are not yet recognized using the treasury stock method, to the extent dilutive. Of the 340,455 and 201,930 nonvested shares outstanding, including RSUs, and the 133,000 and 0 stock options outstanding at June 30, 2017 and 2016, respectively, (refer to Note 17 — Stock-Based Compensation), all are anti-dilutive. The Company’s diluted net loss per share will also reflect the assumed conversion of the equity warrants issued on the Effective Date and MIP Warrants issued by the Company (refer to Note 17 — Stock-Based Compensation) if the impact is dilutive under the treasury stock method. Of the 713,122 and 5,704,974 of unvested MIP Warrants outstanding at June 30, 2017 and 2016, respectively, and 3,936,761 of equity warrants outstanding at June 30, 2017 and 2016, all are anti-dilutive.

On July 7, 2016, the Company completed a one-for-ten reverse stock split of its common stock. As a result, all share and per share information included for all periods presents in these condensed consolidated financial statements reflect the reverse stock split.

The components of the denominator for the calculation of basic and diluted net loss per share are as follows:




	For the Three Months Ended		For the Six Months Ended
	June 30,		June 30,
	2017	2016	2017	2016

Common shares outstanding, basic:
Weighted-average common shares outstanding, basic	34,430,766	7,221,735	33,965,835	7,220,265

Common shares outstanding, diluted:
Weighted-average common shares outstanding, basic	34,430,766	7,221,735	33,965,835	7,220,265

Dilutive effect of warrants	—	—	—	—

Dilutive effect of stock options	—	—	—	—

Dilutive effect of restricted stock awards	—	—	—	—

Weighted-average common shares outstanding, diluted	34,430,766	7,221,735	33,965,835	7,220,265