Net Loss Per Share of Common Stock

12 Months Ended

Dec. 31, 2016

3. Net Loss Per Share of Common Stock

Basic net loss per common share is determined by dividing net loss by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net income per share is computed by dividing net income by the weighted-average number of common stock equivalents outstanding for the period. The treasury stock method was used to determine the dilutive effect of the Company’s stock option grants, restricted stock units and warrants.

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2016, 2015 and 2014:



	2016		2015		2014
Net loss	$	(31,809,838)	$	(12,769,498)	$	(11,121,566)
Basic and diluted net loss per common share	$	(1.50)	$	(0.67)	$	(0.60)
Basic and diluted weighted average common shares outstanding		21,256,312		19,010,587		18,452,252

The following potentially dilutive securities outstanding at December 31, 2016, 2015 and 2014 have been excluded from the computation of diluted weighted average shares outstanding, as they would be anti-dilutive:




	2016	2015	2014
Warrants	553,868	578,687	590,595
Stock options and restricted stock units	2,817,674	2,235,775	1,806,980