(13) Earnings Per Share

For the three months ended September 30, 2017 and 2016, basic and diluted net income per share are calculated as follows:

	Three Months Ended September 30,
	2017		2016
Basic income per share
Net income for the period - numerator	$	1,572,335	$	3,034,542
Weighted average common stock outstanding - denominator		21,450,316		21,450,316

Net income per share	$	0.07	$	0.14

Diluted income per share
Net income for the period- numerator	$	1,572,335	$	3,034,542
Weighted average common stock outstanding - denominator		21,450,316		21,450,316

Effect of dilution		-		-
Weighted average common stock outstanding - denominator		21,450,316		21,450,316

Diluted income per share	$	0.07	$	0.14

For the nine months ended September 30, 2017 and 2016, basic and diluted net income per share are calculated as follows:

	Nine Months Ended September 30,
	2017		2016
Basic income per share
Net income for the period - numerator	$	3,296,121	$	4,242,251
Weighted average common stock outstanding - denominator		21,450,316		21,404,627

Net income per share	$	0.15	$	0.20

Diluted income per share
Net income for the period- numerator	$	3,296,121	$	4,242,251
Weighted average common stock outstanding - denominator		21,450,316		21,404,627

Effect of dilution		-		-
Weighted average common stock outstanding - denominator		21,450,316		21,404,627

Diluted income per share	$	0.15	$	0.20

For the three and nine months ended September 30, 2017 and 2016, 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 were lower than the warrants exercise price. For the three and nine months ended September 30, 2017, there were no securities with dilutive effect issued and outstanding.