Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 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 2,407,500 and 2,950,250 at June 30, 2018 and June 30, 2017, respectively, consisted of options and restricted stock units. Computations of basic and diluted weighted average common shares outstanding were as follows:

	Six Months Ended June 30,				Three Months Ended June 30,
	2018		2017		2018		2017

Weighted-average common shares outstanding – basic		23,760,163		24,202,788		23,713,827		24,285,803
Dilutive effect of options, warrants and restricted stock units		1,839,418		2,311,832		—		2,407,507
Weighted-average common shares outstanding – diluted		25,599,581		26,514,620		23,713,827		26,693,310
Options and restricted stock units excluded from the computation of diluted income per share because the effect of inclusion would have been anti-dilutive		—		—		2,407,500		—