Earnings Per Share

3 Months Ended

Mar. 31, 2016

4. Earnings Per Share

The following table provides the components of the calculations of basic and diluted earnings per share (in thousands, except share amounts):


	Three months ended
	March 31, 2016		March 31, 2015
Numerator:
Net loss attributable to common shareholders	$	(11,780)	$	(11,077)
Denominator:
Weighted average number of common shares outstanding		180,125,763		173,365,830

When 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.

The potential dilutive common shares are summarized as follows:


	At March 31,
	2016	2015
Stock options outstanding (1)	11,693,286	8,191,928
Restricted stock outstanding	204,444	395,558
Common stock warrants (2)	4,074,288	4,219,442
Preferred stock (3)	5,554,594	5,554,594
Number of dilutive potential common shares	21,526,612	18,361,522

(1)

During the three months ended March 31, 2016 and 2015, the Company granted 15,000 and 210,000 stock options, respectively.

(2)

In May 2011, the Company issued 7,128,563 warrants as part of an underwritten public offering. As a result of additional public offerings, and pursuant to the effect of the anti-dilution provisions of these warrants, the number of warrants increased to 22,995,365. Of these warrants issued in May 2011, 74,188 and 219,342 were unexercised as of March 31, 2016 and 2015, respectively. In February 2013, the Company issued 23,637,500 warrants as part of an underwritten public offering. Of these warrants issued in February 2013, 100 were unexercised as of March 31, 2016 and 2015. In January 2014, the Company issued 4,000,000 warrants as part of an underwritten public offering. Of these warrants issued in January 2014, none have been exercised as of March 31, 2016 and 2015. All warrants have anti-dilution provisions.

(3)

The preferred stock amount represents the dilutive potential common shares of the Series C redeemable convertible preferred stock issued on May 16, 2013, based on the conversion price of the preferred stock as of March 31, 2016. Of the 10,431 preferred shares issued in May 2013, 5,200 had been converted to common stock as of March 31, 2016.