Quarterly report pursuant to Section 13 or 15(d)

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2015

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 convertible securities. Potential shares of 3,605,000 and 3,700,000 at September 30, 2015 and September 30, 2014, respectively, consisted of options and warrants. Computations of basic and diluted weighted average common shares outstanding are as follows:

	Nine Months Ended September 30,				Three Months Ended September 30,

	2015		2014		2015		2014

Weighted-average common shares outstanding – basic		23,597,143		25,396,573		23,273,946		24,942,874
Dilutive effect of options and warrants		993,344		2,214,406		1,380,753		—
Weighted-average common shares outstanding – diluted		24,590,487		27,610,979		24,654,699		24,942,874
Options and warrants excluded from the computation of diluted income (loss) per share because the effect of inclusion would have been anti-dilutive		105,000		675,000		105,000		3,700,000