Basic and Diluted Average Shares

3 Months Ended

Mar. 31, 2017

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Basic and Diluted Average Shares

A reconciliation of basic and diluted weighted average common shares for the three months ended March 31, 2017 and 2016 is as follows:

	For the Three Months Ended
	March 31,
	2017		2016

Basic weighted average shares		26,905,631		12,297,501
Effect of potential dilutive securities		511,278		-
Diluted weighted average shares		27,416,909		12,297,501

For the three months ended March 31, 2017 and 2016 there were 1,148,250 and 5,108,530 common share options, warrants, and Restricted Stock Units (RSU’s) unexercised respectively. For the three months ended March 31, 2016, there were 5,108,530 common share options, warrants, and RSUs not added to the diluted average shares because inclusion of such shares would be antidilutive. On October 26, 2016, 5,000,000 stock option shares expired unexercised by Elemetal at a price of $15 a share.