Three Months Ended

March 31,

(in thousands, except per share data)

2015

2014

Numerator:

Net income (loss) available to common shareholders

$

12,858

$

(9,811

)

Effect of dilutive securities

Derivative liability - warrants

$

(1,444

)

$

-

Accretion on convertible preferred stock

$

222

$

-

Numerator for diluted income (loss) per common share

$

11,636

$

(9,811

)

Denominator:

Weighted average shares used to compute basic income (loss) per common share

18,615

17,684

Effect of dilutive securities:

Derivative liability - warrants

326

-

Convertible preferred stock

1,116

-

Stock options

413

-

Denominator for diluted income (loss) per common share

20,470

17,684

Basic income (loss) per common share

$

0.69

$

(0.55

)

Diluted income (loss) per common share

$

0.57

$

(0.55

)