| Net Income (Loss) Per Share of Common Stock, Basic and Diluted |
3. 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 three and nine months ended September 30, 2018 and 2017, which includes both classes of participating securities:
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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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2018 |
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2017 |
|
2018 |
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2017 |
Basic (loss) income per share: |
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Net (loss) income |
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$ |
(24,603,575 |
) |
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$ |
18,720,610 |
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|
$ |
(34,493,895 |
) |
|
$ |
14,961,458 |
|
Undistributed (loss) earnings allocable to common shares |
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$ |
(24,603,575 |
) |
|
$ |
18,720,610 |
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|
$ |
(34,493,895 |
) |
|
$ |
14,961,458 |
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Weighted average shares, basic |
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Common stock |
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34,648,641 |
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21,382,683 |
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|
32,749,291 |
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14,952,391 |
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Participating warrants |
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— |
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14,285,714 |
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— |
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8,163,265 |
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34,648,641 |
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35,668,397 |
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32,749,291 |
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23,115,656 |
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Basic (loss) income per share: |
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Common stock |
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$ |
(0.71 |
) |
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$ |
0.52 |
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$ |
(1.05 |
) |
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$ |
0.65 |
|
Participating warrants |
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$ |
— |
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$ |
0.52 |
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$ |
— |
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$ |
0.65 |
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Diluted (loss) income per share: |
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Net (loss) income |
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$ |
(24,603,575 |
) |
|
$ |
11,222,732 |
|
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$ |
(34,493,895 |
) |
|
$ |
9,677,838 |
|
Net income reallocated |
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— |
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|
5,256 |
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— |
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|
1,746 |
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Undistributed (loss) earnings allocable to common shares |
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$ |
(24,603,575 |
) |
|
$ |
11,227,988 |
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$ |
(34,493,895 |
) |
|
$ |
9,679,584 |
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Weighted average shares, basic |
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34,648,641 |
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21,382,683 |
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32,749,291 |
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|
14,952,391 |
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Effect of dilutive securities |
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Stock options |
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— |
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25,019 |
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— |
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7,641 |
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Weighted average number of shares - diluted |
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34,648,641 |
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21,407,702 |
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32,749,291 |
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14,960,032 |
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Diluted (loss) income per share: |
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$ |
(0.71 |
) |
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$ |
0.52 |
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$ |
(1.05 |
) |
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$ |
0.65 |
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The following outstanding securities at September 30, 2018 and 2017 have been excluded from the computation of diluted weighted shares outstanding, as they could have been anti-dilutive:
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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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2018 |
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2017 |
|
2018 |
|
2017 |
Stock options |
|
4,119,187 |
|
2,384,560 |
|
4,119,187 |
|
2,401,938 |
Warrants on common stock |
|
18,905,064 |
|
4,661,145 |
|
18,905,064 |
|
4,661,145 |
Restricted Stock Awards |
|
445,000 |
|
— |
|
|
445,000 |
|
— |
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Underwriters' unit purchase option |
|
40,000 |
|
40,000 |
|
40,000 |
|
40,000 |
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