LOSS PER COMMON SHARE

Basic and diluted net loss per common share is calculated by dividing net loss applicable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. The Company’s potentially dilutive shares, which include outstanding stock options, restricted stock units, warrants, and shares issuable upon conversion of the Notes, are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive.

Basic and diluted net loss per share is calculated as follows (net loss amounts are stated in thousands):



	Three Months Ended March 31,
	2018							2017
	Shares	Net Loss			EPS			Shares	Net Loss			EPS
Basic loss per share	39,657,418	$	(18,378	)	$	(0.46	)	38,045,317	$	(11,090	)	$	(0.29	)
Dilutive shares related to warrants	—	—						1,113,605	—
Change in fair value of derivative instruments	—	—						—	(1,260		)
Dilutive loss per share	39,657,418	$	(18,378	)	$	(0.46	)	39,158,922	$	(12,350	)	$	(0.32	)

The following shares were excluded because they were anti-dilutive (in thousands):



	Three Months Ended March 31,
	2018	2017
Restricted stock units	139	332
Convertible debt	2,642	2,642
Options	7,025	6,405
Warrants	633	—
Total anti-dilutive shares	10,439	9,379