| 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 loss per share of common stock for the years ended December 31, 2017, 2016 and 2015 which includes both classes of participating securities:
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Year ended December 31, |
Net income (loss) per share, basic and diluted calculation: |
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2017 |
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2016 |
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2015 |
Basic income (loss) per share |
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Net income (loss) |
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$ |
11,869,823 |
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$ |
(16,471,603 |
) |
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$ |
(10,490,103 |
) |
Undistributable earnings (loss) allocable to common shares |
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$ |
7,772,084 |
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$ |
(16,471,603 |
) |
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$ |
(10,490,103 |
) |
Undistributable earnings (loss) allocable to participating warrants |
|
$ |
4,097,739 |
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$ |
— |
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$ |
— |
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Weighted average shares, basic |
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Common stock |
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18,410,005 |
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8,830,396 |
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2,226,023 |
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Participating warrants |
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9,706,458 |
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— |
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— |
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28,116,463 |
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8,830,396 |
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2,226,023 |
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Basic income (loss) per share: |
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Common stock |
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$ |
0.42 |
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$ |
(1.87 |
) |
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$ |
(4.71 |
) |
Participating warrants |
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$ |
0.42 |
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$ |
— |
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$ |
— |
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Diluted income (loss) per share: |
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Net income (loss) attributable to common shares |
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$ |
7,772,084 |
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$ |
(16,471,603 |
) |
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$ |
(10,490,103 |
) |
Net income (loss) reallocated |
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49,642 |
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— |
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— |
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Undistributed earnings (loss) allocable to common shares |
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$ |
7,821,726 |
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$ |
(16,471,603 |
) |
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$ |
(10,490,103 |
) |
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Weighted average number of shares attributable to common shareholders - basic |
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18,410,005 |
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8,830,396 |
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2,226,023 |
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Effect of dilutive securities: |
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Stock options |
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61,510 |
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— |
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— |
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Contingently issuable shares |
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283,284 |
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— |
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— |
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Potentially dilutive shares |
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344,794 |
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— |
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— |
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Weighted average number of shares - diluted |
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18,754,799 |
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8,830,396 |
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2,226,023 |
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Diluted income (loss) per share |
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$ |
0.42 |
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$ |
(1.87 |
) |
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$ |
(4.71 |
) |
The following outstanding securities at December, 31, 2017, 2016 and 2015 have been excluded from the computation of diluted weighted shares outstanding, as they would have been anti-dilutive:
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December 31, |
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2017 |
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2016 |
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2015 |
Stock options |
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2,812,006 |
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1,849,359 |
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959,188 |
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Non-participating warrants on common stock |
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4,661,145 |
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7,400,934 |
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7,400,934 |
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Underwriters' unit purchase option |
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40,000 |
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40,000 |
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40,000 |
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