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Earnings per Share
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Earnings per Share

Note 10 – Earnings per Share

 

The following table reconciles the numerator and the denominator used to calculate basic and diluted earnings per share for years ended December 31, 2021 and 2020:

 

   2021   2020 
   Years Ended December 31, 
   2021   2020 
Numerator          
Net income, as reported  $36,658,564   $42,478,529 
           
Denominator          
Weighted average shares, basic   28,874,555    26,720,133 
Dilutive effect of stock options, warrants and RSUs   1,029,131    1,280,208 
Shares used to compute diluted earnings per share   29,903,686    28,000,341 
           
Basic earnings per share  $1.27   $1.59 
Diluted earnings per share  $1.23   $1.52 

 

For the years ended December 31, 2021 and 2020, respectively, potentially dilutive securities of 154,644 and 50,000 were excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive. The computation of diluted earnings per share for the year ended December 31, 2021 also excludes the approximately 1.4 million shares of common stock and approximately 456,000 warrants to purchase shares of common stock mentioned in Note 3 that are contingent upon the achievement of certain milestones.