Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

EARNINGS PER SHARE

9 Months Ended

Sep. 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 4,061,250 and 3,605,000 at September 30, 2016 and September 30, 2015, respectively, consisted of options, warrants and restricted stock units. Computations of basic and diluted weighted average common shares outstanding are as follows:

	Nine Months Ended September 30,				Three Months Ended September 30,
	2016		2015		2016		2015

Weighted-average common shares outstanding – basic		23,291,408		23,597,143		23,320,514		23,273,946
Dilutive effect of options, warrants and restricted stock units		1,409,376		993,344		1,877,628		1,380,753
Weighted-average common shares outstanding – diluted		24,700,784		24,590,487		25,198,142		24,654,699
Options, warrants and restricted stock units excluded from the computation of diluted income (loss) per share because the effect of inclusion would have been anti-dilutive		141,304		105,000		423,913		105,000