Net Loss Per Share

9 Months Ended

Sep. 30, 2016

4. Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share data).

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2016			2015			2016			2015
Net loss	$	(333	)	$	(3,018	)	$	(25,735	)	$	(2,217	)
Weighted average common basic shares		41,096			41,041			41,074			41,026
Effect of dilutive securities		—			—			—			—
Weighted average common dilutive shares		41,096			41,041			41,074			41,026
Basic and diluted net loss per share	$	(0.01	)	$	(0.07	)	$	(0.63	)	$	(0.05	)

On March 15, 2016, the Compensation Committee of the Board of Directors of the Company awarded 146 thousand restricted stock units to executive officers. Such restricted stock units will vest, and an equal number of shares of common stock will be deliverable upon the third anniversary of the date of grant. Compensation expense related to the units was calculated based upon the closing market price of the common stock on the date of grant ($2.30) and is recorded on a straight-line basis over the vesting period.

For the three months ended September 30, 2016, the computation of diluted net loss per share did not include 270 thousand restricted stock units, a dilutive effect of 5 thousand shares, since their inclusion would have been anti-dilutive. Options to purchase 1,045 thousand shares were not included in the computation of diluted net loss per share for the three months ended September 30, 2016, since their exercise price was in excess of the average stock prices for these periods.

For the nine months ended September 30, 2016, the computation of diluted net loss per share did not include options to purchase 825 thousand shares and 270 thousand restricted stock units, a dilutive effect of 176 thousand shares and 23 thousand shares, respectively, since their inclusion would have been anti-dilutive. Options to purchase 220 thousand shares were not included in the computation of diluted net loss per share for the nine months ended September 30, 2016, since their exercise price was in excess of the average stock prices for these periods.

For the three and nine months ended September 30, 2015, the computation of diluted net income per share did not include options to purchase 825 thousand shares, a dilutive effect of 335 thousand shares and 324 thousand shares, respectively, and 141 thousand restricted stock units, a dilutive effect of 30 thousand shares and 19 thousand shares, respectively, since their inclusion would have been anti-dilutive. Options to purchase 260 thousand shares were not included in the computation of diluted net income per share for the three and nine months ended September 30, 2015, since their exercise prices were in excess of the average stock prices for these periods.