Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 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 2,950,250 and 3,322,500 at June 30, 2017 and June 30, 2016, respectively, consisted of options, warrants and restricted stock units. Computations of basic and diluted weighted average common shares outstanding are as follows:

	Six Months Ended June 30,				Three Months Ended June 30,
	2017		2016		2017		2016

Weighted-average common shares outstanding – basic		24,202,788		23,276,295		24,285,803		23,300,638
Dilutive effect of options, warrants and restricted stock units		2,311,832		1,175,649		2,407,507		1,336,678
Weighted-average common shares outstanding – diluted		26,514,620		24,451,944		26,693,310		24,637,316
Options and warrants excluded from the computation of diluted income per share because the effect of inclusion would have been anti-dilutive		—		—		—		—