Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

6. Earnings Per Share 

Basic earnings per common share are computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the reporting period.  Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock (such as stock options, unvested restricted stock, and warrants) were exercised or converted into common stock or resulted in the issuance of common stock (net of any assumed repurchases) that then shared in the earnings of the Company, if any. This is computed by dividing net earnings by the combination of dilutive common share equivalents, which is comprised of shares issuable under outstanding warrants and the Company’s share-based compensation plans, and the weighted average number of common shares outstanding during the reporting period. Since the Company is in a net loss position, all common stock equivalents would be considered to be anti-dilutive and are, therefore, not included in the determination of diluted earnings per share. Accordingly, basic and diluted loss per share are the same.

The following table provides the components of the calculations of basic and diluted earnings per share:

		Three Months Ended					Six Months Ended
		June 30, 2012			June 30, 2011		June 30, 2012		June 30, 2011
Numerator:
	Net loss		$	(6,479,554)	$	(6,752,668)	$	(13,062,656)	$	(13,995,868)
Denominator:
	Weighted average number of common shares outstanding		37,853,358		16,320,235		30,645,479		14,781,215

The potential dilutive common shares are summarized as follows:

	At June 30,
	2012		2011
Stock options outstanding		2,005,657	1,059,953
Unvested restricted stock		275,262	409,164
Common stock warrants  (1)		9,421,008	7,128,563
Number of dilutive potential common shares		11,701,927	8,597,680

⁽¹⁾ On May 31, 2011, the Company granted 7,128,563 warrants as part of an underwritten public offering.  As a result of the March 28 and 29, 2012 public offerings described in Note 5, the number of warrants increased to 9,421,008.