Earnings Per Share

3 Months Ended

Mar. 31, 2018

(13) Earnings Per Share

For the three months ended March 31, 2018 and 2017, basic and diluted net income per share are calculated as follows:

	Three Months Ended March 31,
	2018			2017
Basic (loss) income per share
Net (loss) income for the period - numerator	$	(4,086,276	)	$	1,707,869
Weighted average common stock outstanding - denominator		21,450,316			21,450,316

Net (loss) income per share	$	-0.19		$	0.08

Diluted income per share
Net income for the period- numerator	$	(4,086,276	)	$	1,707,869
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 (loss) income per share	$	-0.19		$	0.08

For the three months ended March 31, 2018 and 2017, 820,312 warrants shares were excluded from the calculations of dilutive net income per share as their effects would have been anti-dilutive since the average share price was lower than the warrants exercise price. For the three months ended March 31, 2018, there were no securities with dilutive effect issued and outstanding.