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Earnings Per Share
 3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share

Note 7 – Earnings Per Share

 

The following table reconciles the numerator and the denominator used to calculate basic and diluted earnings per share for three months ended March 31, 2022:

 

   2022   2021 
   Three Months Ended March 31, 
   2022   2021 
Numerator          
Net income, as reported  $11,714,595   $7,898,975 
           
Denominator          
Weighted average shares, basic   33,935,570    28,662,885 
Dilutive effect of stock options, warrants and RSUs   775,906    1,339,844 
Shares used to compute diluted earnings per share   34,711,476    30,002,729 
           
Basic earnings per share  $0.35   $0.28 
Diluted earnings per share  $0.34   $0.26 

 

For the three months ended March 31, 2022, potentially dilutive securities of 1,271,304 were excluded from the calculation because their effect would have been anti-dilutive. For the three months ended March 31, 2021, potentially dilutive securities of 2,320,907 were excluded from the calculation because their effect would have been anti-dilutive. The computation of diluted earnings per share for the three months ended March 31, 2022 also excludes the approximately 1.4 million shares of common stock and approximately 456,000 warrants to purchase shares of common stock that are contingent upon the achievement of certain milestones.