Quarterly report pursuant to Section 13 or 15(d)

Net Loss Per Share

v3.5.0.2
Net Loss Per Share
6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Net Loss Per Share

 

NOTE 2 — NET LOSS PER SHARE

Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by giving effect to all potential dilutive common shares, including outstanding options and warrants.

Potential dilutive common shares also include the dilutive effect of the common stock underlying in-the-money stock options and warrants that were calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, the exercise price of an option or warrant is assumed to be used to repurchase shares in the current period. In addition, the average amount of compensation cost for in-the-money options, if any, for future service that the Company has not yet recognized when the option is exercised, is also assumed to repurchase shares in the current period. A reconciliation of the numerator and denominator used in the calculation is as follows (in thousands, except per share amounts):

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(6,864

)

 

$

(8,306

)

 

$

(14,716

)

 

$

(19,460

)

Less: noncash income from change in fair

   value of common stock warrants

 

 

 

 

(308

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss - diluted

 

(6,864

)

 

 

(8,614

)

 

 

(14,716

)

 

 

(19,460

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - basic

 

71,511

 

 

 

71,334

 

 

 

71,500

 

 

 

69,046

 

Dilutive effect of warrants

 

 

 

 

1,481

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding

   and dilutive potential common shares —

   diluted

 

71,511

 

 

 

72,815

 

 

 

71,500

 

 

 

69,046

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.10

)

 

$

(0.12

)

 

$

(0.21

)

 

$

(0.28

)

Diluted

$

(0.10

)

 

$

(0.12

)

 

$

(0.21

)

 

$

(0.28

)

 

The following outstanding warrants, options and purchase rights under the Company’s 2004 Employee Stock Purchase Plan (“2004 Purchase Plan”)   were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an antidilutive effect (in thousands):

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Shares issuable upon exercise of warrants

 

8,300

 

 

 

8,300

 

 

 

8,300

 

 

 

12,146

 

Shares issuable upon exercise of stock options

 

11,635

 

 

 

10,151

 

 

 

11,635

 

 

 

10,151

 

Shares issuable related to the 2004 Purchase Plan

 

42

 

 

 

73

 

 

 

42

 

 

 

73