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Net Loss per Common Share
 6 Months Ended
Jun. 30, 2014
Net Loss per Common Share [Abstract]  
Net Loss per Common Share
(9)
Net Loss per Common Share

Basic net loss per share is determined by dividing net loss by the weighted average shares of common stock outstanding during the period. Diluted net loss per share is determined by dividing net loss by diluted weighted average shares outstanding. Diluted weighted average shares reflects the dilutive effect, if any, of potentially dilutive common shares, such as stock options and warrants calculated using the treasury stock method. In periods with reported net operating losses, all common stock options and warrants are deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal. However, in certain periods in which the exercise price of the warrants was less than the last reported sales price of Delcath’s common stock on the final trading day of the period and there is a gain recorded pursuant to the change in fair value of the warrant derivative liability, the impact of gains related to the mark-to-market adjustment of the warrants outstanding at the end of the period is reversed and the treasury stock method is used to determine diluted earnings per share.

The calculation of net loss and the number of shares used to compute basic and diluted earnings per share for the three and six month periods ended June 30, 2014 and 2013 are as follows:

 
 
Three months ended
June 30,
  
Six months ended
June 30,
 
(in thousands, except share data)
 
2014
  
2013
  
2014
  
2013
 
Net loss – basic
 
$
(4,600
)
 
$
(5,482
)
 
$
(9,878
)
 
$
(18,328
)
Adjustment for gain on warrant derivative liability
  
(356
)
  
—
   
(363
)
  
—
 
Net loss – diluted
 
$
(4,956
)
 
$
(5,482
)
 
$
(10,241
)
 
$
(18,328
)
 
                
Weighted average shares outstanding – basic
  
9,426,169
   
6,023,785
   
9,363,123
   
5,683,380
 
Adjustment for warrant exercises
  
54,764
   
—
   
99,594
   
—
 
Weighted average shares outstanding – diluted
  
9,480,933
   
6,023,785
   
9,462,717
   
5,683,380
 
 
                
Net loss per share – basic
 
$
(0.49
)
 
$
(0.91
)
 
$
(1.06
)
 
$
(3.22
)
Net loss per share – diluted
 
$
(0.52
)
 
$
(0.91
)
 
$
(1.08
)
 
$
(3.22
)
 
The following potentially dilutive securities were excluded from the computation of earnings per share as of June 30, 2014 and 2013 because their effects would be anti-dilutive:

 
 
June 30,
 
 
 
2014
  
2013
 
Stock options
  
199,230
   
323,417
 
Unvested restricted shares
  
2,721
   
24,797
 
Warrants
  
589,500
   
339,994
 
Total
  
791,451
   
688,208