| 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 and nine
months ended September 30, 2022:
Schedule of Basic and Diluted Earnings Per Share
| | |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| | |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| | |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| Numerator | |
| | | |
| | | |
| | | |
| | |
| Net income (loss), as reported | |
$ | (1,361,062 | ) | |
$ | 11,475,966 | | |
$ | 7,667,231 | | |
$ | 29,160,154 | |
| | |
| | | |
| | | |
| | | |
| | |
| Denominator | |
| | | |
| | | |
| | | |
| | |
| Weighted average shares, basic | |
| 31,321,368 | | |
| 28,941,357 | | |
| 32,109,213 | | |
| 28,800,450 | |
| Dilutive effect of stock options, warrants and RSUs | |
| - | | |
| 1,011,333 | | |
| 893,326 | | |
| 1,071,965 | |
| Shares used to compute diluted earnings per share | |
| 31,321,368 | | |
| 29,952,690 | | |
| 33,002,539 | | |
| 29,872,415 | |
| | |
| | | |
| | | |
| | | |
| | |
| Basic earnings per share | |
$ | (0.04 | ) | |
$ | 0.40 | | |
$ | 0.24 | | |
$ | 1.01 | |
| Diluted earnings per share | |
$ | (0.04 | ) | |
$ | 0.38 | | |
$ | 0.23 | | |
$ | 0.98 | |
For
the three and nine months ended September 30, 2022, potentially dilutive securities of 2,631,642 and 1,385,869 were excluded from the
calculation because their effect would have been anti-dilutive. For the three and nine months ended September 30, 2021, potentially dilutive
securities of 50,000 and 147,436 were excluded from the calculation because their effect would have been anti-dilutive. The computation
of basic and diluted earnings per share for the three and nine months ended September 30, 2022 also excludes the approximately 1.4 million
shares of common stock and approximately 465,000 warrants to purchase shares of common stock that are contingent upon the achievement
of certain milestones.
|