Net income per share (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of computation of basic and diluted net income (loss) per share


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Numerator:
Net income	$	1,282,723	$	1,875,328	$	3,043,028	$	3,586,954
Amounts allocated to participating preferred stockholders under the two-class method		(110,402)		(214,905)		(261,909)		(411,051)
Net income applicable to common stockholders (basic and dilutive)	$	1,172,321	$	1,660,423	$	2,781,119	$	3,175,903
Denominator:
Weighted-average common stock outstanding (basic)		49,602,206		53,082,296		50,186,828		53,439,467
Common equivalent shares from options and warrants to purchase common stock		2,385,489		748,238		2,214,962		651,002
Weighted-average common stock outstanding (diluted)(1)		51,987,695		53,830,534		52,401,790		54,090,469
Basic net income per share applicable to common stockholders	$	0.02	$	0.03	$	0.06	$	0.06
Diluted net income per share applicable to common stockholders(1)	$	0.02	$	0.03	$	0.05	$	0.06

In accordance with ASC 260-10-45-48, for the three and six months ended June 30, 2016 and 2015, the Company excluded 396,500 and 718,407, respectively, of contingently-issued restricted shares from diluted weighted average common stock outstanding as the contingencies were neither (a) satisfied at the reporting date nor (b) would have been satisfied if the reporting date was at the end of the contingency period.

Schedule of weighted average securities outstanding that have been excluded from the diluted net income (loss) per share calculation because the effect would have been anti-dilutive


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2016	2015	2016	2015
Stock options	11,071	4,762,323	592,170	5,979,516
Restricted stock awards	—	60,000	30,004	60,000
Convertible preferred stock(1)	4,949,687	6,851,144	6,015,339	6,851,144
Total anti-dilutive securities	4,960,758	11,673,467	6,637,513	12,890,660

Diluted net income per share increases when convertible preferred stock is included in the required sequence in the diluted earnings per share computation. As such, convertible preferred stock is excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2016 and 2015.