Net Loss Per Common Share
 9 Months Ended
Sep. 30, 2012
Net Loss Per Common Share [Abstract]  
Net Loss Per Common Share

15. Net Loss Per Common Share

 

Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if stock options, warrants, and convertible securities were exercised or converted into common stock. Diluted loss per share equals basic loss per share as the effect of including dilutive securities in the calculation would be antidilutive. The following is a reconciliation of the numerator and denominator used in the basic and diluted computation of net loss per share:

 

    Three Months Ended September 30,     Nine Months Ended September 30,  
    2012     2011     2012     2011  
Numerator:                        
Net loss   $ (8,994,179 )   $ (1,974,414 )   $ (25,307,122 )   $ (9,103,502 )
Preferred stock dividends     (1,092,513 )     (1,156,150 )     (3,300,788 )     (3,585,929 )
Loss available to common shareholders   $ (10,086,692 )   $ (3,130,564 )   $ (28,607,910 )   $ (12,689,431 )
                                 
Denominator:                                
Basic weighted average shares outstanding   $ 41,562,121     $ 25,306,243     $ 38,622,647     $ 23,400,424  
Effect of dilutive securities     -       -       -       -  
Diluted weighted average shares outstanding     41,562,121       25,306,243       38,622,647       23,400,424  
                                 
Net loss per common share:                                
Basic   $ (0.24 )   $ (0.12 )   $ (0.74 )   $ (0.54 )
Diluted   $ (0.24 )   $ (0.12 )   $ (0.74 )   $ (0.54 )

 

The following table includes the number of common stock equivalent shares that are not included in the computation of diluted loss per share, because the Company has a net loss and the inclusion of such shares would be antidilutive or certain performance conditions have not been achieved as of September 30, 2012 and 2011.

 

    September 30,  
    2012     2011  
Convertible preferred stock     60,276,610       62,621,580  
Stock options     450,000       450,000  
Warrants     2,333,500       2,333,500  
Restricted stock     5,956,000       -  
      69,016,110       65,405,080