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Net income per share (Tables)
 9 Months Ended
Sep. 30, 2017
Net income per share  
Schedule of computation of basic and diluted net income per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

  

Nine Months Ended

 

 

September 30,

 

September 30,

 

    

2017

    

2016

    

2017

    

2016

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$
3,695,099

 

$
2,225,413

 

$
7,082,168

 

$
5,268,441

Amounts allocated to participating preferred stockholders under the two-class method

 

 
(319,921)

 

 
(196,868)

 

 
(613,173)

 

 
(466,065)

Net income applicable to common stockholders (basic and dilutive)

 

$
3,375,178

 

$
2,028,545

 

$
6,468,995

 

$
4,802,376

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common stock outstanding (basic)

 

 
49,391,614

 

 
49,179,596

 

 
49,184,276

 

 
49,848,634

Common equivalent shares from options to purchase common stock

 

 
1,870,155

 

 
2,074,627

 

 
2,112,743

 

 
2,153,615

Weighted-average common stock outstanding (diluted)(1)

 

 
51,261,769

 

 
51,254,223

 

 
51,297,019

 

 
52,002,249

Basic net income per share applicable to common stockholders

 

$
0.07

 

$
0.04

 

$
0.13

 

$
0.10

Diluted net income per share applicable to common stockholders(1)

 

$
0.07

 

$
0.04

 

$
0.13

 

$
0.09

 

 

 

(1)

In accordance with ASC 260-10-45-48, for the three and nine months ended September 30, 2017 and 2016, the Company excluded 396,500, 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 per share calculation because the effect would have been anti-dilutive

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

  

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2017

    

2016

 

2017

    

2016

Stock options

 
41,500

 

 —

 
28,921

 
581,665

Restricted stock awards

 

 —

 

 —

 
30,238

 
23,574

Convertible preferred stock(1)

 
4,688,237

 
4,688,237

 
4,688,237

 
5,493,407

Total anti-dilutive securities

 
4,729,737

 
4,688,237

 
4,747,396

 
6,098,646

 

(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 nine months ended September 30, 2017 and 2016.