Net income per share (Tables)

6 Months Ended

Jun. 30, 2017

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
Numerator:
Net income	$	1,969,529	$	1,282,723	$	3,387,069	$	3,043,028
Amounts allocated to participating preferred stockholders under the two-class method		(170,881)		(110,402)		(293,870)		(261,909)
Net income applicable to common stockholders (basic and dilutive)	$	1,798,648	$	1,172,321	$	3,093,199	$	2,781,119
Denominator:
Weighted-average common stock outstanding (basic)		49,238,405		49,602,206		49,078,889		50,186,828
Common equivalent shares from options to purchase common stock		2,033,875		2,385,489		2,243,407		2,214,962
Weighted-average common stock outstanding (diluted)(1)		51,272,280		51,987,695		51,322,296		52,401,790
Basic net income per share applicable to common stockholders	$	0.04	$	0.02	$	0.06	$	0.06
Diluted net income per share applicable to common stockholders(1)	$	0.04	$	0.02	$	0.06	$	0.05

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,
	2017	2016	2017	2016
Stock options	37,390	11,071	22,528	592,170
Restricted stock awards	13,298	—	8,896	30,004
Convertible preferred stock(1)	4,688,237	4,949,687	4,688,237	6,015,339
Total anti-dilutive securities	4,738,925	4,960,758	4,719,661	6,637,513

(1)

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, 2017 and 2016.