Earnings Per Share

9 Months Ended

Sep. 30, 2016

Notes to Financial Statements

Loss Per Share

NOTE 3 – LOSS PER SHARE

The following table represents the reconciliation of the Company's basic loss per share and diluted loss per share computations reported on the Consolidated Statements of Operations for the three and nine months ended September 30, 2016 and 2015:

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2016			2015			2016			2015
Basic Loss Per Share
Net loss	$	(1,953,497	)	$	(649,510	)	$	(2,001,454	)	$	(933,914	)
Weighted average shares outstanding		5,307,133			5,335,319			5,307,881			5,338,619
Basic loss per share	$	(0.37	)	$	(0.12	)	$	(0.38	)	$	(0.17	)
Diluted Loss Per Share
Net loss	$	(1,953,497	)	$	(649,510	)	$	(2,001,454	)	$	(933,914	)
Weighted average shares outstanding		5,307,133			5,335,319			5,307,881			5,338,619
Effect of dilutive securities		—			—			—			—
Diluted shares outstanding		5,307,133			5,335,319			5,307,881			5,338,619
Diluted loss per share	$	(0.37	)	$	(0.12	)	$	(0.38	)	$	(0.17	)

Basic earnings per share exclude the impact of common share equivalents and are based upon the weighted average common shares outstanding. Diluted earnings per share utilize the average market price per share when applying the treasury stock method in determining common share dilution. When outstanding stock options are dilutive, they are treated as common share equivalents for purposes of computing diluted earnings per share and represent the difference between basic and diluted weighted average shares outstanding. In loss periods, stock options are excluded from the calculation of diluted loss per share, as the inclusion of stock options would have an anti-dilutive effect. As of September 30, 2016 and 2015, the Company had 222 and 0 common share equivalents that were excluded in the three months diluted loss per share calculation, respectively, and 530 and 3,682 common share equivalents that were excluded in the nine months diluted loss per share calculation, respectively.