Per Share Data

The Company computes, presents and discloses earnings per share in accordance with the authoritative guidance which specifies the computation, presentation and disclosure requirements for earnings per share of entities with publicly held common stock or potential common stock. The objective of basic EPS is to measure the performance of an entity over the reporting period by dividing income (loss) by the weighted average shares outstanding. The objective of diluted EPS is consistent with that of basic EPS, except that it also gives effect to all potentially dilutive common shares outstanding during the period.

The following is a reconciliation of the basic and diluted loss per share computation:



	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Net (loss)/income for basic earnings per share	$	(1,205,827	)	$	388,050,413		$	(2,738,542	)	$	369,416,894
Less: Change in fair value of warrants	981,923			(2,328,674		)	4,774,711			(5,271,503		)
Net (loss)/income, adjusted for change in fair value of warrants for diluted earnings per share	$	(2,187,750	)	$	390,379,087		$	(7,513,253	)	$	374,688,397
Weighted-average shares	81,064,927			80,023,044			80,988,813			79,650,373
Effect of potential common shares	1,116,931			2,906,432			1,159,520			3,093,854
Weighted-average shares: diluted	82,181,858			82,929,476			82,148,333			82,744,227
(Loss)/income per share: basic	$	(0.01	)	$	4.85		$	(0.03	)	$	4.64
(Loss)/income per share: diluted	$	(0.03	)	$	4.71		$	(0.09	)	$	4.53

For the three and nine months ended September 30, 2019, the diluted earnings per share calculation reflects the effect of the assumed exercise of outstanding warrants and any corresponding elimination of the impact included in operating results from the change in fair value of the warrants. Weighted-average diluted shares include the dilutive effect of warrants. The dilutive effect of warrants is calculated based on the average share price for each fiscal period using the treasury stock method.

The Company incurred losses for the three and nine months ended September 30, 2019 and as a result, the equity instruments listed below were excluded from the calculation of diluted income (loss) per share as the effect of the exercise, conversion or vesting of such instruments would be anti-dilutive. The weighted average number of equity instruments excluded consisted of:



	Three months ended September 30,	Nine months ended September 30,
	2019	2019
Stock Options	332,861	353,801
Stock-Settled Stock Appreciation Rights	—	2,227
Restricted Stock Units	598,793	545,422

The appreciation of each stock-settled stock appreciation right was capped at a determined maximum value. As a result, the weighted average number shown in the table above for stock-settled stock appreciation rights reflects the weighted average maximum number of shares that could be issued.