Annual report pursuant to Section 13 and 15(d)

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 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 included the dilutive effects of options, warrants and convertible securities. Potential shares of 3,605,000 and 3,700,000 at December 31, 2015 and 2014, respectively, consisted of options and warrants. Computations of basic and diluted weighted average common shares outstanding are as follows:

	2015		2014

Weighted-average common shares outstanding - basic		23,501,987		25,170,346

Dilutive effect of options and warrants		980,570		1,757,984

Weighted-average common shares outstanding - diluted		24,482,557		26,928,330


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		375,000