Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

EARNINGS PER SHARE

9 Months Ended

Sep. 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 2,021,250 and 2,940,125 at September 30, 2018 and September 30, 2017, respectively, consisted of options 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,
	2018		2017		2018		2017

Weighted-average common shares outstanding – basic		23,767,700		24,185,129		23,525,645		24,150,388
Dilutive effect of options, warrants and restricted stock units		1,690,253		2,294,955		1,396,789		2,261,751
Weighted-average common shares outstanding – diluted		25,457,953		26,480,084		24,922,434		26,412,139
Options and restricted stock units excluded from the computation of diluted income per share because the effect of inclusion would have been anti-dilutive		—		—		—		—