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Earnings per Share
 12 Months Ended
Dec. 31, 2022
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, 2022 and 2021:

 

   2022   2021 
   Years Ended December 31, 
   2022   2021 
Numerator        
Net income, as reported  $(14,238,249)  $36,658,564 
           
Denominator          
Weighted average shares, basic   31,479,028    28,874,555 
Dilutive effect of stock options, warrants and RSUs   -    1,029,131 
Shares used to compute diluted earnings per share   31,479,028    29,903,686 
           
Basic earnings per share  $(0.45)  $1.27 
Diluted earnings per share  $(0.45)  $1.23 

 

 

For the year ended December 31, 2021, potentially dilutive securities of 154,644 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 years ended December 31, 2022 and December 31, 2021 also excludes the approximately 1.4 million shares of common stock and approximately 465,000 warrants to purchase shares of common stock mentioned in Note 4 that are contingent upon the achievement of certain milestones.

 

As a result of incurring a net loss for the year ended December 31, 2022, no potentially dilutive securities are included in the calculation of diluted earnings per share because such effect would be anti-dilutive. The Company had potentially dilutive securities as of December 31, 2022, consisting of: (i) 1,443,238 restricted stock units and (ii) 50,000 options.