Net Loss Per Share

3 Months Ended

Mar. 31, 2017

Basic net loss per share is calculated by dividing net loss by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the diluted net loss per share calculation, stock options, unvested restricted stock, restricted stock units and common stock warrants are considered to be common stock equivalents.

The following common stock equivalents were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect or the exercise prices were greater than the average market price of the common shares.



	Three Months Ended March 31,
	2017	2016
Stock options	1,717,181	2,420,804
Unvested restricted stock	17,720	35,440
Restricted stock units	—	147,598
Common stock warrants	926,840	926,840
	2,661,741	3,530,682