Earnings Per Share

9 Months Ended

Sep. 30, 2016

(14) Earnings Per Share

For the three months ended September 30, 2016 and 2015, basic and diluted net income per share are calculated as follows:

	Three Months Ended September 30,
	2016		2015
Basic income per share
Net income for the period - numerator		3,034,542	$	1,685,897
Weighted average common stock outstanding - denominator		21,450,316		20,316,400
Net income per share		0.14	$	0.08

Diluted income per share
Net income for the period - numerator		3,034,542	$	1,685,897
Weighted average common stock outstanding - denominator		21,450,316		20,316,400
Effect of dilution		-		11,603
Weighted average common stock outstanding - denominator		21,450,316		20,328,003
Diluted income per share		0.14	$	0.08

For the nine months ended September 30, 2016 and 2015, basic and diluted net income per share are calculated as follows:

	Nine Months Ended September 30,
	2016		2015
Basic income per share
Net income for the period - numerator		4,242,251		$	9,381,916
Weighted average common stock outstanding - denominator		21,404,627			20,316,400
Net income per share		0.20		$	0.46

Diluted income per share
Net income for the period- numerator		4,242,251		$	9,381,916
Weighted average common stock outstanding - denominator		21,404,627			20,316,400
Effect of dilution		-			-
Weighted average common stock outstanding - denominator		21,404,627			20,316,400
Diluted income per share		0.20		$	0.46

For the three and nine months ended September 30, 2016 and 2015, 820,312 warrants shares are excluded from the calculations of dilutive net income per share as their effects would have been anti-dilutive since the average share price for the period ended September 30, 2016 were lower than the warrants exercise price. For the three and nine months ended September 30, 2016, there were no securities with dilutive effect issued and outstanding.