Net Loss per Common Share

3 Months Ended

Mar. 31, 2016

11. Net Loss per Common Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common stock and common stock equivalents outstanding for the period.

Included in common stock issued and outstanding as of March 31, 2016 are 8,059,258 shares of unvested restricted stock, which are excluded from the weighted average common stock outstanding since its effect would be anti-dilutive.

The Company’s potential dilutive securities which consist of unvested restricted stock, options, and warrants have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average common stock outstanding used to calculate both basic and diluted net loss per share is the same.

The following shares of potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding, as the effect of including such securities would be anti-dilutive at the end of the periods March 31, 2016 and 2015:

	For the Three Months Ended March 31,
	2016		2015
Warrants to purchase Common Stock		544,835		685,061
Options to purchase Common Stock		1,779,365		2,064,365
Unvested Restricted Stock		7,922,021		7,704,269
Unvested Restricted Stock Units		885,083		36,000
Total		11,131,304		10,489,695