Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

EARNINGS PER SHARE

9 Months Ended

Sep. 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 2,940,125 and 4,061,250 at September 30, 2017 and September 30, 2016, respectively, consisted of options, warrants and restricted stock units. Computations of basic and diluted weighted average common shares outstanding were as follows:

	Nine Months Ended September 30,				Three Months Ended September 30,
	2017		2016		2017		2016

Weighted-average common shares outstanding – basic		24,185,129		23,291,408		24,150,388		23,320,514

Dilutive effect of options, warrants and restricted stock units		2,294,955		1,409,376		2,261,751		1,877,628

Weighted-average common shares outstanding – diluted		26,480,084		24,700,784		26,412,139		25,198,142

Options and warrants excluded from the computation of diluted income per share because the effect of inclusion would have been anti-dilutive		—		141,304		—		423,913