Quarterly report pursuant to Section 13 or 15(d)

Net Income (Loss) Per Share of Common Stock, Basic and Diluted

v3.8.0.1
Net Income (Loss) Per Share of Common Stock, Basic and Diluted
9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
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:

 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2017
 
2016
 
2017
 
2016
Basic income (loss) per share:
 
 
 
 
 
 
 
 
Net income (loss)
 
$
18,720,610

 
$
(6,168,725
)
 
$
14,961,458

 
$
(14,832,899
)
Undistributed earnings (loss) allocable to common shares
 
$
18,720,610

 
$
(6,168,725
)
 
$
14,961,458

 
$
(14,832,899
)
 
 
 
 
 
 
 
 
 
Weighted average shares, basic
 
 
 
 
 
 
 
 
   Common stock
 
21,382,683

 
8,756,393

 
14,952,391

 
8,685,818

   Participating warrants
 
14,285,714

 

 
8,163,265

 

 
 
35,668,397

 
8,756,393

 
23,115,656

 
8,685,818

Basic income (loss) per share:
 
 
 
 
 
 
 
 
   Common shares
 
$
0.52

 
$
(0.70
)
 
$
0.65

 
$
(1.71
)
   Participating warrants
 
$
0.52

 
$

 
$
0.65

 
$

 
 
 
 
 
 
 
 
 
Diluted income (loss) per share:
 
 
 
 
 
 
 
 
Net income (loss)
 
$
11,222,732

 
$
(6,168,725
)
 
$
9,677,838

 
$
(14,832,899
)
Net income (loss) reallocated
 
5,256

 

 
1,746

 

Undistributed earnings (loss) allocable to common shares
 
$
11,227,988

 
$
(6,168,725
)
 
$
9,679,584

 
$
(14,832,899
)
 
 
 
 
 
 
 
 
 
Weighted average number of shares - basic
 
21,382,683

 
8,756,393

 
14,952,391

 
8,685,818

Effect of dilutive securities:
 
 
 
 
 
 
 
 
   Stock options
 
25,019

 

 
7,641

 

   Underwriters' unit purchase option
 

 

 

 

      Potentially dilutive shares
 
25,019

 

 
7,641

 

Weighted average number of shares - diluted
 
21,407,702

 
8,756,393

 
14,960,032

 
8,685,818

 
 
 
 
 
 
 
 
 
Diluted income (loss) per share
 
$
0.52

 
$
(0.70
)
 
$
0.65

 
$
(1.71
)





Shares which have been excluded from diluted per share amounts because their effect would have been antidilutive, include the following:

 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2017
 
2016
 
2017
 
2016
Stock options
 
2,384,560
 
1,828,441
 
2,401,938
 
1,828,441
Warrants
 
4,661,145
 
7,400,934
 
4,661,145
 
7,400,934
Unit purchase option shares
 
40,000
 
40,000
 
40,000
 
40,000