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3. Income (Loss) Per Common Share
 9 Months Ended
Sep. 30, 2020
Net income (loss) per share of common stock:  
Income (Loss) Per Common Share

Basic earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated based on the weighted average number of common shares outstanding during the period plus the effect of potentially dilutive common stock equivalents, including warrants to purchase the Company's common stock and convertible preferred stock.

 

At September 30, 2020 and 2019, the potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share as their effect would have been anti-dilutive are as follows:

 

    September 30, 2020     September 30, 2019  
Warrants     6,194,899       702,041  
Convertible preferred stock     1,751,005       1,751,005  
Total possible dilution     7,945,904       2,453,046