Quarterly report pursuant to sections 13 or 15(d)

Net Loss Per Share

v2.3.0.11
Net Loss Per Share
9 Months Ended
Jun. 30, 2011
Net Loss Per Share
Note 8:  Net Loss Per Share
 
Net loss per share is calculated using the weighted average number of shares of common stock outstanding during the period.  Basic weighted average common shares outstanding do not include shares of restricted stock that have not yet vested, although such shares are included as outstanding shares in the Company’s unaudited condensed consolidated balance sheet.  Diluted net loss per share is computed using the weighted average number of common shares outstanding and if dilutive, potential common shares outstanding during the period.  Potential common shares consist of the incremental common shares issuable from restricted shares, stock options and convertible preferred stock.  Preferred stock dividends are subtracted from net loss to determine the amount available to common stockholders.

The following table presents the computation of basic and diluted net loss per share:
 
   
Three Months Ended June 30,
   
Nine Months Ended June 30,
 
   
2011
   
2010
   
2011
   
2010
 
                         
Loss from continuing operations
  $ (1,150,938 )   $ (1,537,121 )   $ (5,064,985 )   $ (6,701,573 )
Less: preferred stock dividends
    (480 )     (479 )     (1,438 )     (1,437 )
Loss from continuing operations applicable to common stock
    (1,151,418 )     (1,537,600 )     (5,066,423 )     (6,703,010 )
Income (loss) from discontinued operations
    7,561       197,187       (123,486 )     1,062,466  
Net loss applicable to common stock
  $ (1,143,857 )   $ (1,340,413 )   $ (5,189,909 )   $ (5,640,544 )
                                 
Weighted average common shares outstanding - basic and diluted
    682,374       631,213       659,296       631,151  
                                 
Earnings per share - basic and diluted1:
                               
Loss from continuing operations
  $ (1.69 )   $ (2.44 )   $ (7.68 )   $ (10.62 )
Discontinued operations
    0.01       0.31       (0.19 )     1.68  
Net loss
  $ (1.68 )   $ (2.13 )   $ (7.87 )   $ (8.94 )
 
1 Certain amounts may not total due to rounding of individual components.

The following potentially dilutive securities were excluded from the calculation of diluted net loss per share because the effects were antidilutive based on the application of the treasury stock method and because the Company incurred net losses during the period:

   
Three Months Ended June 30,
   
Nine Months Ended June 30,
 
   
2011
   
2010
   
2011
   
2010
 
                         
Options to purchase shares of common stock
    24,013       5,263       26,645       31,675  
Series E convertible preferred stock
    127,840       127,840       127,840       127,840  
Shares of non-vested restricted stock
    1,342       5,203       1,342       7,422  
      153,195       138,306       155,827       166,937