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Net Loss Per Common Share
 3 Months Ended
Mar. 31, 2013
Net Loss Per Common Share [Abstract]  
Net Loss Per Common Share

9. Net Loss Per Common Share

 

Basic loss per share is computed by dividing net loss available to common stockholders 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 were exercised or converted into common stock. Diluted loss per share equals basic loss per share as the effect of including dilutive securities in the calculation would be antidilutive.

 

The following is a reconciliation of the numerator and denominator used in the basic and diluted computation of net loss per share:

 

    Three Months Ended March 31,  
    2013     2012  
Numerator:                
Net loss   $ (5,763,032 )   $ (7,332,598 )
Preferred stock dividends     (1,034,307 )     (1,105,877 )
Loss available to common shareholders   $ (6,797,339 )   $ (8,438,475 )
                 
Denominator:                
Basic weighted average shares outstanding     51,666,399       34,770,178  
Effect of dilutive securities     -       -  
Diluted weighted average shares outstanding     51,666,399       34,770,178  
                 
Net loss per common share:                
Basic   $ (0.13 )   $ (0.24 )
Diluted   $ (0.13 )   $ (0.24 )

 

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 or certain performance conditions have not been achieved.

 

    March 31,  
    2013     2012  
Stock options     50,000       450,000  
Convertible preferred stock     58,804,748       62,989,429  
Warrants     1,708,500       2,333,500  
Restricted stock     4,691,200       4,710,000  
      65,254,448       70,482,929