Net Loss per Common Share

3 Months Ended

Mar. 31, 2016

(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, without consideration of potentially dilutive securities. 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 generally deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal.

The following potentially dilutive securities were excluded from the computation of earnings per share as of March 31, 2016 and 2015 because their effects would be anti-dilutive:

	March 31,
	2016		2015
Stock options		752,379		274,229
Unvested restricted shares		576,000		28,934
Warrants		10,381,952		1,957,157
Total		11,710,331		2,260,320