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Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2019

The following table reconciles the numerator and denominator used to calculate diluted earnings (loss) per share for the three and nine months ended September 30, 2019 and 2018:


	Three months ended September 30,
	2019		2018
Numerator:
Net income (loss) attributable to common shareholders	$	(1,953,668)	$	(1,643,044)
Denominator:
Weighted-average shares outstanding – basic	15,368,027		15,573,108
Dilutive effect of other securities	—		—
Weighted-average shares outstanding – diluted	15,368,027		15,573,108


	Nine months ended September 30,
	2019		2018
Numerator:
Net income (loss) attributable to common shareholders	$	(2,577,053)	$	(4,742,971)
Denominator:
Weighted-average shares outstanding – basic	15,454,159		15,645,230
Dilutive effect of other securities	—		—
Weighted-average shares outstanding – diluted	15,454,159		15,645,230

As of September 30, 2019 and 2018, restricted stock awards and options to purchase 3,600 and 18,325 shares of common stock, respectively, were outstanding but were not included in the computation of diluted earnings per share because the effect would be antidilutive.