Net Loss Per Common Share
 6 Months Ended
Jun. 30, 2015
Earnings Per Share [Abstract]  
Net Loss Per Common Share
Net Loss Per Common Share
 
Basic earnings per share are 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.
 
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 
 June 30,
 
Six Months Ended 
 June 30,
 
2015
 
2014
 
2015
 
2014
Numerator:
 
 
 
 
 
 
 
Net loss
$
(1,509,446
)
 
$
(3,388,586
)
 
$
(220,332
)
 
$
(7,213,566
)
Preferred stock dividends
(965,164
)
 
(957,307
)
 
(1,883,996
)
 
(1,915,025
)
Net loss available to common shareholders
$
(2,474,610
)
 
$
(4,345,893
)
 
$
(2,104,328
)
 
$
(9,128,591
)
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Basic weighted average shares outstanding
82,540,600

 
76,592,200

 
82,515,428

 
74,192,028

Effect of dilutive securities
—

 
—

 
—

 
—

Diluted weighted average shares outstanding
82,540,600

 
76,592,200

 
82,515,428

 
74,192,028

 
 
 
 
 
 
 
 
Net income (loss) per common share:
 
 
 
 
 
 
 
Basic
$
(0.03
)
 
$
(0.06
)
 
$
(0.03
)
 
$
(0.12
)
Diluted
$
(0.03
)
 
$
(0.06
)
 
$
(0.03
)
 
$
(0.12
)

 
The following table includes the number of common stock equivalent shares that are not included in the computation of diluted income and (loss) per share, because the inclusion of such shares would be anti-dilutive or certain performance conditions have not been achieved.
 
 
June 30,
 
2015
 
2014
Convertible preferred stock
53,608,855

 
53,947,036

Stock options and warrants
50,000

 
783,500

Restricted stock
1,796,600

 
3,485,600

 
55,455,455

 
58,216,136