Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2018

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 2,788,750 and 3,030,375 at March 31, 2018 and March 31, 2017, respectively, consisted of options, warrants and restricted stock units. Computations of basic and diluted weighted average common shares outstanding were as follows:

	Three Months Ended March 31,
	2018		2017

Weighted-average common shares outstanding – basic		23,807,014		24,118,851
Dilutive effect of options, warrants and restricted stock units		1,804,483		2,215,094
Weighted-average common shares outstanding – diluted		25,611,497		26,333,945
Options and warrants excluded from the computation of diluted income per share because the effect of inclusion would have been anti-dilutive		―		250,000