Net Loss Per Common Share

6 Months Ended

Jun. 30, 2016

(9) Net Loss Per Common Share

The calculation of basic and diluted loss per common share and common share equivalents is as follows (in thousands except for per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
	(As Restated)			(As Restated)			(As Restated)			(As Restated)
Basic loss per common share
Net loss	$	(2,268	)	$	(906	)	$	(3,911	)	$	(888	)
Less: Preferred stock dividends		(7	)		(7	)		(14	)		(14	)

Net loss applicable to common stock	$	(2,275	)	$	(913	)	$	(3,925	)	$	(902	)

Basic weighted average number of common shares outstanding		10,789			10,758			10,789			10,754

Basic net loss per common share	$	(0.21	)	$	(0.08	)	$	(0.36	)	$	(0.08	)

Diluted loss per common share
Net loss applicable to common stock	$	(2,275	)	$	(913	)	$	(3,925	)	$	(902	)
Add: Preferred stock dividends		7			7			14			14

Net loss applicable to dilutive common stock	$	(2,268	)	$	(906	)	$	(3,911	)	$	(888	)

Basic weighted average number of common shares outstanding		10,789			10,758			10,789			10,754
Effect of dilutive securities		—			—			—			—
Diluted weighted average number of common shares outstanding		10,789			10,758			10,789			10,754

Diluted net loss per common share	$	(0.21	)	$	(0.08	)	$	(0.36	)	$	(0.08	)

Basic loss per common share is computed by dividing the net loss, less preferred dividends, by the weighted-average number of shares of common stock outstanding during a period. The diluted loss per common share calculation gives effect to dilutive options, convertible preferred stock, and other potential dilutive common stock including restricted shares of common stock outstanding during the period. Diluted loss per share is based on the treasury stock method and includes the effect from potential issuance of common stock, such as shares issuable pursuant to the exercise of stock options, assuming the exercise of all in-the-money stock options. Common share equivalents have been excluded where their inclusion would be anti-dilutive.

Shares to be issued upon the exercise of the outstanding options and warrants, convertible preferred stock, and selected restricted shares of common stock excluded from the income per share calculation amounted to 1.5 million and 1.5 million in each of the three and six month periods ended June 30, 2016 and 2015, respectively, because the awards were anti-dilutive.