Net Loss Per Common Share

12 Months Ended

Dec. 31, 2012

Net Loss Per Common Share [Abstract]

18. Net Loss Per Common Share

Basic earnings per share is computed by dividing net loss available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if stock options, warrants, and convertible securities to issue common stock were exercised or converted into common stock. The following is a reconciliation of the numerator and denominator used in the basic and diluted computation of net loss per share:

	Year Ended
	December 31,
	2012			2011			2010
Numerator:
Net loss	$	(30,762,273	)	$	(11,606,231	)	$	(60,326,419	)
Preferred stock dividends		(4,370,247	)		(4,696,766	)		(1,276,902	)
Loss available to common shareholders	$	(35,132,520	)	$	(16,302,997	)	$	(61,603,321	)

Denominator:
Basic weighted average shares outstanding		40,497,098			24,640,774			19,383,007
Effect of dilutive securities		-			-			-
Diluted weighted average shares outstanding		40,497,098			24,640,774			19,383,007

Net loss per common share:
Basic	$	(0.87	)	$	(0.66	)	$	(3.18	)
Diluted	$	(0.87	)	$	(0.66	)	$	(3.18	)

The following table includes the number of common stock equivalent shares that are not included in the computation of diluted loss per share, because the Company has a net loss and the inclusion of such shares would be antidilutive.

	Shares
	2012		2011		2010
Stock options		50,000		450,000		450,000
Convertible preferred stock		61,405,753		63,147,728		67,989,944
Warrants		2,146,000		2,333,500		2,333,500
Restricted stock		5,024,400		4,610,000		-
Other		-		-		388,581
		68,626,153		70,541,228		71,162,025

- Definition

The entire disclosure for earnings per share.

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