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EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE

Basic earnings per share includes no dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the periods presented. The calculation of basic earnings per share for the nine months ended September 30, 2016 and September 30, 2015, respectively, includes the weighted average of common shares outstanding. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity, such as convertible preferred stock, stock options, warrants or convertible securities. Due to their anti-dilutive effect, the calculation of diluted earnings per share for the nine months ended September 30, 2016 and September 30, 2015 excludes: 1) options to purchase 2,788,426 and 2,129,924 shares, respectively, of common stock, 2) warrants to purchase 4,252,135 and 219,868 shares, respectively, of common stock, 3) Series B Preferred Stock which is convertible into 4,895,244 and 8,032,274 shares, respectively, of common stock, 4) Series B1 Preferred Stock which is convertible into 12,501,558 and zero shares, respectively, of common stock, and 5) Series A Preferred and Series C Preferred Stock, also convertible into common stock.

The following is a reconciliation of the numerator and denominator for basic and diluted earnings per share for the nine months ended September 30, 2016 and 2015: 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2016
 
2015
 
2016
 
2015
Basic Earnings per Share
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net (loss) income available to common shareholders
$
(1,047,564
)
 
$
(2,972,571
)
 
$
(9,543,203
)
 
$
(20,384,221
)
Denominator:
 
 
 
 
 

 
 

Weighted-average shares outstanding
30,576,485

 
28,198,701

 
29,884,836

 
28,165,427

Basic earnings per share
$
(0.03
)
 
$
(0.11
)
 
$
(0.32
)
 
$
(0.72
)
 
 
 
 
 
 
 
 
Diluted Earnings per Share
 
 
 
 
 

 
 

Numerator:
 
 
 
 
 

 
 

Net (loss) income available to common shareholders
$
(1,047,564
)
 
$
(2,972,571
)
 
$
(9,543,203
)
 
$
(20,384,221
)
Denominator:
 
 
 
 
 

 
 

Weighted-average shares outstanding
30,576,485

 
28,198,701

 
29,884,836

 
28,165,427

Effect of dilutive securities
 
 
 
 
 

 
 

Stock options and warrants
—

 
—

 
—

 
—

Preferred Stock
—

 
—

 
—

 
—

Diluted weighted-average shares outstanding
30,576,485

 
28,198,701

 
29,884,836

 
28,165,427

Diluted earnings per share
$
(0.03
)
 
$
(0.11
)
 
$
(0.32
)
 
$
(0.72
)