| Net Income (Loss) Per Share of Common Stock, Basic and Diluted |
Net Income (Loss) Per Share of Common Stock, Basic and Diluted
The following table sets forth the computation of basic and diluted net income (loss) per share of common stock for the three and nine months ended September 30, 2017 and 2016:
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2017 |
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2016 |
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2017 |
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2016 |
Basic income (loss) per share: |
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Net income (loss) |
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$ |
18,720,610 |
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$ |
(6,168,725 |
) |
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$ |
14,961,458 |
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|
$ |
(14,832,899 |
) |
Undistributed earnings (loss) allocable to common shares |
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$ |
18,720,610 |
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|
$ |
(6,168,725 |
) |
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$ |
14,961,458 |
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$ |
(14,832,899 |
) |
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Weighted average shares, basic |
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Common stock |
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21,382,683 |
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8,756,393 |
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14,952,391 |
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8,685,818 |
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Participating warrants |
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14,285,714 |
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— |
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8,163,265 |
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— |
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35,668,397 |
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8,756,393 |
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23,115,656 |
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8,685,818 |
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Basic income (loss) per share: |
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Common shares |
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$ |
0.52 |
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$ |
(0.70 |
) |
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$ |
0.65 |
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$ |
(1.71 |
) |
Participating warrants |
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$ |
0.52 |
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$ |
— |
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$ |
0.65 |
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$ |
— |
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Diluted income (loss) per share: |
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Net income (loss) |
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$ |
11,222,732 |
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$ |
(6,168,725 |
) |
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$ |
9,677,838 |
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$ |
(14,832,899 |
) |
Net income (loss) reallocated |
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5,256 |
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— |
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|
1,746 |
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— |
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Undistributed earnings (loss) allocable to common shares |
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$ |
11,227,988 |
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$ |
(6,168,725 |
) |
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$ |
9,679,584 |
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$ |
(14,832,899 |
) |
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Weighted average number of shares - basic |
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21,382,683 |
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8,756,393 |
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14,952,391 |
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8,685,818 |
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Effect of dilutive securities: |
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Stock options |
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25,019 |
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— |
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7,641 |
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— |
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Underwriters' unit purchase option |
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— |
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— |
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— |
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— |
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Potentially dilutive shares |
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25,019 |
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— |
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7,641 |
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— |
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Weighted average number of shares - diluted |
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21,407,702 |
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8,756,393 |
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14,960,032 |
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8,685,818 |
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Diluted income (loss) per share |
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$ |
0.52 |
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$ |
(0.70 |
) |
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$ |
0.65 |
|
|
$ |
(1.71 |
) |
Shares which have been excluded from diluted per share amounts because their effect would have been antidilutive, include the following:
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2017 |
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2016 |
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2017 |
|
2016 |
Stock options |
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2,384,560 |
|
1,828,441 |
|
2,401,938 |
|
1,828,441 |
Warrants |
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4,661,145 |
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7,400,934 |
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4,661,145 |
|
7,400,934 |
Unit purchase option shares |
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40,000 |
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40,000 |
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40,000 |
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40,000 |
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