Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2019

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 2,068,750 and 2,788,750 at March 31, 2019 and March 31, 2018, respectively, consisted of options and restricted stock units. Computations of basic and diluted weighted average common shares outstanding were as follows:

	Three Months Ended March 31,
	2019		2018
Weighted-average common shares outstanding – basic		23,745,848		23,807,014
Dilutive effect of options, warrants and restricted stock units		—		1,804,483
Weighted-average common shares outstanding – diluted		23,745,848		25,611,497
Options and restricted stock units excluded from the computation of diluted income per share because the effect of inclusion would have been anti-dilutive		2,068,750		—