12.	NET INCOME PER COMMON SHARE

Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the periods. Diluted net income per common share is computed using the weighted average number of common and dilutive common equivalent shares outstanding during the periods. Common equivalent shares consist of stock options and unvested restricted shares that are computed using the treasury stock method. Anti-dilutive stock awards consist of stock options that would have been anti-dilutive in the application of the treasury stock method.

The following table reconciles the differences between the basic and diluted net income per share presentations:

	Three Months Ended September 30,
	2019		2018
Numerator:
Net income	$	207,319	$	109,903

Denominator:
Weighted average common shares outstanding:
Basic		28,563,688		21,454,977
Effect of dilutive securities		659,248		203,539
Diluted		29,222,936		21,658,516

Net income per common share:
Basic	$	0.01	$	0.01
Diluted	$	0.01	$	0.01

For the three months ended September 30, 2019 and 2018, stock options to purchase approximately 1.99 and 2.23 million shares, respectively, were excluded from the computation of diluted net income per common share because the exercise price of the stock options was greater than the average market price of the common shares.