Three Months Ended

March 31,

(in thousands, except per share data)

2016

2015

Numerator:

Net income (loss) available to common shareholders

$

(1,944

)

$

12,858

Effect of dilutive securities

Derivative liability - warrants

$

-

$

(1,444

)

Accretion on convertible preferred stock

-

222

Numerator for diluted income (loss) per common share

$

(1,944

)

$

11,636

Denominator:

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

27,051

18,615

Effect of dilutive securities:

Derivative liability - warrants

-

326

Convertible preferred stock

-

1,116

Stock options

-

413

Denominator for diluted income (loss) per common share

27,051

20,470

Basic income (loss) per common share

$

(0.07

)

$

0.69

Diluted income (loss) per common share

$

(0.07

)

$

0.57