Quarterly report pursuant to Section 13 or 15(d)

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2016

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 convertible securities. Potential shares of 3,160,000 and 3,805,000 at March 31, 2016 and March 31, 2015, respectively, consisted of options and warrants. Computations of basic and diluted weighted average common shares outstanding are as follows:

	Three Months Ended March 31,

	2016		2015

Weighted-average common shares outstanding – basic		23,252,751		24,089,009
Dilutive effect of options and warrants		1,013,822		1,411,894
Weighted-average common shares outstanding – diluted		24,266,573		25,500,903
Options and warrants excluded from the computation of diluted income per share because the effect of inclusion would have been anti-dilutive		480,000		105,000