Note 9 - Earnings Per Share

A reconciliation of shares used in calculating basic and diluted per share data is as follows:


	Three Months Ended September 30,
	2019		2018
Net loss available to common stockholders	$	(13,323,775)	$	(193,032)
Basic weighted-average shares outstanding		11,994,112		11,924,387
Effect of dilutive securities:
Assumed issuance of shares from exercise of stock options*		—		—
Assumed issuance of shares from exercise of warrants*		—		—

Diluted weighted-average shares outstanding*		11,994,112		11,924,387

Loss per share:
Basic and diluted	$	(1.11)	$	(0.02)


	Nine Months Ended September 30,
	2019		2018
Net loss available to common stockholders	$	(22,616,589)	$	(2,745,391)
Basic weighted-average shares outstanding		11,983,136		11,936,511
Effect of dilutive securities:
Assumed issuance of shares from exercise of stock options*		—		—
Assumed issuance of shares from exercise of warrants*		—		—

Diluted weighted-average shares outstanding*		11,983,136		11,936,511

Loss per share:
Basic and diluted	$	(1.89)	$	(0.23)

* For the three and nine months ending September 30, 2019 common stock equivalents totaling 325,790 and 248,857, respectively, were excluded from the calculation of diluted loss per share because their effect is anti-dilutive.