Quarterly report pursuant to Section 13 or 15(d)

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2015

Basic Earnings (loss) per share is calculated by dividing the net income (loss) by the weighted average number of outstanding common shares during the period. Diluted per share data includes the dilutive effects of options, warrants and convertible securities. Potential shares of 3,805,000 and 6,707,500 at March 31, 2015 and March 31, 2014, respectively, consisted of options and warrants. Computations of basic and diluted weighted average common shares outstanding are as follows:

	Three Months Ended March 31,
	2015		2014

Weighted-average common shares outstanding – basic		24,089,009		25,775,573
Dilutive effect of options and warrants		1,411,894		2,018,096
Weighted-average common shares outstanding – diluted		25,500,903		27,793,669
Options and warrants excluded from the computation of diluted income (loss) per share because the effect of inclusion would have been anti-dilutive		2,393,106		4,689,404