The following table presents the calculation of basic and diluted net loss per share:

	Three Months Ended March 31,
(in thousands, except share and per share data)	2012			2011
Numerator:
Net loss	$	(6,829	)	$	(21,397	)

Denominator:
Weighted-average number of shares—basic		36,045,839			35,179,317
Dilutive securities—equity awards		-			-
Weighted-average number of shares—diluted		36,045,839			35,179,317

Earnings per share-basic	$	(0.19	)	$	(0.61	)
Earnings per share-diluted	$	(0.19	)	$	(0.61	)

For the three month periods ended March 31, 2012 and 2011, approximately 4.5 million and 4.4 million shares, respectively, pursuant to equity awards were excluded from the calculation of diluted earnings per share because the net loss attributable to Emergent BioSolutions Inc. would make these awards antidilutive.