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Net Income Per Share | 9 Months Ended
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Sep. 30, 2017
Earnings Per Share [Abstract] |
Net Income Per Share | Note 3. Net Income Per Share Basic net income per share is calculated by dividing net income available to common stockholders by the weighted average shares of common stock outstanding for the period. The per share computations reflect the one-for-ten reverse stock split that was effected in July 2016. Diluted net income per share is calculated by dividing net income by the weighted average shares of common stock outstanding for the period plus amounts representing the dilutive effect of securities that are convertible into common stock. Preferred dividends are deducted from net income in arriving at net income attributable to common stockholders. The Company calculates diluted earnings per common share using the treasury stock method and the as-if-converted method, as applicable. The following table presents the computation of net income per share:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 234,353 |  |  | $ | 1,183,044 |  |  | $ | 549,323 |  |  | $ | 2,633,405 |
Accretion of dividends on preferred stock |  |  | — |  |  |  | (322,170 | ) |  |  | — |  |  |  | (1,537,021 | )
Net income attributable to common stockholders - basic |  | $ | 234,353 |  |  | $ | 860,874 |  |  | $ | 549,323 |  |  | $ | 1,096,384 |
Accretion of dividends on preferred stock |  |  | — |  |  |  | 186,868 |  |  |  | — |  |  |  | 125,205 |
Adjustment for change in fair value of warrant liability |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (460,289 | )
Net income attributable to common stockholders - diluted |  | $ | 234,353 |  |  | $ | 1,047,742 |  |  | $ | 549,323 |  |  | $ | 761,300 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 9,545,235 |  |  |  | 4,133,020 |  |  |  | 9,475,708 |  |  |  | 1,849,647 |
Diluted |  |  | 10,169,559 |  |  |  | 6,689,332 |  |  |  | 10,238,987 |  |  |  | 3,103,784 |
Net income per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.02 |  |  | $ | 0.21 |  |  | $ | 0.06 |  |  | $ | 0.59 |
Diluted |  | $ | 0.02 |  |  | $ | 0.16 |  |  | $ | 0.05 |  |  | $ | 0.25 |
Diluted weighted average common shares outstanding for the three months ended September 30, 2017 includes 624,324 options outstanding. Diluted weighted average common shares outstanding for the nine months ended September 30, 2017 includes 6,281 warrants and 756,998 options outstanding. Potentially dilutive securities not included in the calculation of diluted net income per share because to do so would be anti-dilutive are as follows (in common stock equivalent shares):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Preferred redeemable convertible stock, including accumulated dividends |  |  | — |  |  |  | 788,074 |  |  |  | — |  |  |  | 3,253,254 |
Employee stock options |  |  | 375,277 |  |  |  | — |  |  |  | 427,645 |  |  |  | — |
Warrants outstanding |  |  | 51,003 |  |  |  | 51,003 |  |  |  | — |  |  |  | 51,003 |
Total |  |  | 426,280 |  |  |  | 839,077 |  |  |  | 427,645 |  |  |  | 3,304,257 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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