Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2019

Basic earnings (loss) per share is calculated by dividing the net income (loss) 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 996,250 and 2,021,250 at September 30, 2019 and September 30, 2018, 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,
	2019		2018		2019		2018
Weighted-average common shares outstanding – basic		23,935,304		23,767,700		24,138,191		23,525,645
Dilutive effect of options, warrants and restricted stock units		―		1,690,253		―		1,396,789
Weighted-average common shares outstanding – diluted		23,935,304		25,457,953		24,138,191		24,922,434
Options and restricted stock units excluded from the computation of diluted income (loss) per share because the effect of inclusion would have been anti-dilutive		996,250		―		996,250		―