Quarterly report pursuant to Section 13 or 15(d)

Net Income (Loss) Per Share

v2.4.0.8
Net Income (Loss) Per Share
 9 Months Ended
Sep. 30, 2013
Net Income (Loss) Per Share [Abstract]  
Earnings Per Share [Text Block]
3. Net Income (Loss) Per Share
 
Basic net income (loss) per share excludes the effect of dilution and is computed by dividing net income (loss) by the weighted-average number of shares outstanding for the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue shares were exercised into shares. In calculating diluted net income (loss) per share, the numerator is adjusted for the change in the fair value of the warrant liability (only if dilutive) and the denominator is increased to include the number of potentially dilutive common shares assumed to be outstanding during the period using the treasury stock method.
 
The following table sets forth the reconciliation of the numerator and denominator used in the computation of basic and diluted net income (loss) per common share for the three and nine months ended September 30, 2013 and 2012: 
 
 
 
Three months ended September 30,
 
Nine months ended September
30,
 
(in thousands, except per share amounts)
 
 
2013
 
 
2012
 
 
2013
 
 
2012
 
Numerator:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) used for basic earnings per share
 
$
(1,145)
 
$
(5,356)
 
$
9,920
 
$
(14,901)
 
Less change in fair value of warrant liability
 
 
(1,010)
 
 
(3,673)
 
 
1,306
 
 
(1,734)
 
Net (loss) income used for diluted earnings per share
 
$
(135)
 
$
(1,683)
 
$
8,614
 
$
(13,167)
 
Denominator:
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic weighted-average outstanding common shares
 
 
82,544
 
 
66,839
 
 
81,125
 
 
63,748
 
Effect of dilutive potential common shares resulting
     from options
 
 
—
 
 
—
 
 
624
 
 
78
 
Effect of dilutive potential common shares resulting
     from warrants
 
 
—
 
 
—
 
 
83
 
 
6,363
 
Weighted-average shares outstanding—diluted
 
 
82,544
 
 
64,839
 
 
81,832
 
 
70,189
 
Net income (loss) per common share:
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
$
(0.01)
 
$
(0.12)
 
$
0.12
 
$
(0.23)
 
Diluted
 
$
(0.00)
 
$
(0.07)
 
$
0.11
 
$
(0.19)
 
 
The table below presents common shares underlying stock options and warrants that are excluded from the calculation of the weighted average number of common shares outstanding used for the calculation of diluted net income (loss) per common share. These are excluded from the calculation due to their anti-dilutive effect for the three and nine months ended September 30, 2013 and 2012:
 
 
 
Three months ended September 
30,
 
Nine months ended September 
30,
 
(in thousands)
 
2013
 
2012
 
2013
 
2012
 
Weighted-average anti-dilutive common shares resulting from
     options
 
6,767
 
6,397
 
2,141
 
4,555
 
Weighted-average anti-dilutive common shares resulting from
     warrants
 
5,016
 
10,239
 
234
 
6,127
 
 
 
11,783
 
16,636
 
2,375
 
10,682