Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2016

Basic Earnings 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 3,322,500 and 3,605,000 at June 30, 2016 and June 30, 2015, respectively, consisted of options, warrants and restricted stock units. Computations of basic and diluted weighted average common shares outstanding are as follows:

	Six Months Ended June 30,				Three Months Ended June 30,
	2016		2015		2016		2015

Weighted-average common shares outstanding – basic		23,276,295		23,761,420		23,300,638		23,439,468
Dilutive effect of options, warrants and restricted stock units		1,175,649		1,244,861		1,336,678		—
Weighted-average common shares outstanding – diluted		24,451,944		25,006,281		24,637,316		23,439,468
Options and warrants excluded from the computation of diluted income (loss) per share because the effect of inclusion would have been anti-dilutive		—		234,163		—		3,605,000