Quarterly report pursuant to Section 13 or 15(d)

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

6 Months Ended

Jun. 30, 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 3,605,000 and 3,720,000 at June 30, 2015 and June 30, 2014, respectively, consisted of options and warrants. Computations of basic and diluted weighted average common shares outstanding are as follows:

	Six Months Ended June 30,				Three Months Ended June 30,

	2015		2014		2015		2014

Weighted-average common shares outstanding – basic		23,761,420		25,629,473		23,439,468		25,484,978
Dilutive effect of options and warrants		1,244,861		2,059,677		—		2,011,254
Weighted-average common shares outstanding – diluted		25,006,281		27,689,150		23,439,468		27,496,232
Options and warrants excluded from the computation of diluted income (loss) per share because the effect of inclusion would have been anti-dilutive		234,163		675,000		3,605,000		675,000