Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2017

Basic Earnings per share is calculated by dividing the net income by the weighted average number of outstanding common shares during the period. Diluted per share data includes the dilutive effects of options, warrants and restricted stock units. Potential shares of 3,030,375 and 3,160,000 at March 31, 2017 and March 31, 2016, respectively, consisted of options, warrants and restricted stock units. Computations of basic and diluted weighted average common shares outstanding are as follows:

	Three Months Ended March 31,
	2017		2016

Weighted-average common shares outstanding – basic		24,118,851		23,252,751
Dilutive effect of options, warrants and restricted stock units		2,215,094		1,013,822
Weighted-average common shares outstanding – diluted		26,333,945		24,266,573
Options, warrants and restricted stock units excluded from the computation of diluted income per share because the effect of inclusion would have been anti-dilutive		250,000		480,000