5 - NET LOSS PER 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 16 — 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. There were 162,097, 149,170 and 226,931 shares of restricted stock and restricted stock units excluded from the computation of diluted net loss per share during the years ended December 31, 2019, 2018 and 2017, respectively, because they were anti-dilutive. There were 496,148, 255,608 and 133,000 stock options excluded from the computation of diluted net loss per share during the years ended December 31, 2019, 2018 and 2017, respectively, because they were anti-dilutive. (refer to Note 16 — Stock-Based Compensation)

The Company’s diluted net loss per share will also reflect the assumed conversion of the equity warrants issued when the Company emerged from bankruptcy on July 9, 2014 (the “Effective Date”) and MIP Warrants issued by the Company (refer to Note 16 — Stock-Based Compensation) if the impact is dilutive under the treasury stock method. The equity warrants have a 7-year term which commenced on the day following the Effective Date and are exercisable for one tenth of a share of the Company’s common stock. There were no unvested MIP Warrants during the years ended December 31, 2019, 2018 and 2017 excluded from the computation of diluted net loss per share because they were anti-dilutive. There were 3,936,761 equity warrants excluded from the computation of diluted net loss per share during the years ended December 31, 2019, 2018 and 2017 because they were anti-dilutive.

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



	For the Years Ended December 31,
	2019	2018	2017

Common shares outstanding, basic:
Weighted-average common shares outstanding, basic	41,762,893	38,382,599	34,242,631

Common shares outstanding, diluted:
Weighted-average common shares outstanding, basic	41,762,893	38,382,599	34,242,631

Dilutive effect of warrants	—	—	—

Dilutive effect of stock options	—	—	—

Dilutive effect of restricted stock awards	—	—	—

Weighted-average common shares outstanding, diluted	41,762,893	38,382,599	34,242,631