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Net Loss Per Common Share
12 Months Ended
Dec. 31, 2017
Earnings Per Share [Abstract]  
Net Loss Per Common Share
Net Loss Per Common Share
 
Basic earnings per share is computed by dividing net loss available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if stock options, warrants, and convertible securities to issue common stock were exercised or converted into common stock. The following is a reconciliation of the numerator and denominator used in the basic and diluted computation of net loss per share:
 
 
Year Ended
December 31,
 
2017
 
2016
 
2015
Numerator:
 

 
 

 
 

Net loss
$
(10,576,178
)
 
$
(12,964,704
)
 
$
(10,454,427
)
Convertible preferred stock dividends

 

 
(5,452,445
)
Net loss available to common shareholders
$
(10,576,178
)
 
$
(12,964,704
)
 
$
(15,906,872
)
 
 
 
 
 
 
Denominator:
 

 
 

 
 

Basic weighted average shares outstanding
41,127,245

 
35,324,947

 
22,014,497

Effect of dilutive securities

 

 

Diluted weighted average shares outstanding
41,127,245

 
35,324,947

 
22,014,497

 
 
 
 
 
 
Net loss per common share:
 

 
 

 
 

Basic
$
(0.26
)
 
$
(0.37
)
 
$
(0.72
)
Diluted
$
(0.26
)
 
$
(0.37
)
 
$
(0.72
)

 
The following table includes the number of common stock equivalent shares that are not included in the computation of diluted loss per share, because the Company has a net loss and the inclusion of such shares would be antidilutive.
 
 
Shares
 
2017
 
2016
 
2015
Stock options
10,000

 
10,000

 
10,000

Restricted stock

 
28,000

 
332,400

 
 
 
 
 
 
 
10,000

 
38,000

 
342,400