Net Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2016

Basic earnings per share are 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.

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,
	2016			2015
Numerator:
Net income (loss)	$	(4,051,395	)	$	1,289,114
Preferred stock dividends	—			(898,832		)
Net income (loss) available to common shareholders	$	(4,051,395	)	$	390,282

Denominator:
Basic weighted average shares outstanding	162,851,273			82,492,914
Effect of dilutive securities	—			53,608,855
Diluted weighted average shares outstanding	162,851,273			136,101,769

Net income (loss) per common share:
Basic	$	(0.02	)	$	0.01
Diluted	$	(0.02	)	$	0.01

The following table includes the number of common stock equivalent shares that are not included in the computation of diluted income and (loss) per share, because the inclusion of such shares would be anti-dilutive or certain performance conditions have not been achieved.



	March 31,
	2016	2015
Stock options and warrants	50,000	50,000
Restricted stock	1,662,000	1,796,600
	1,712,000	1,846,600