NOTE 13. COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is based on the assumption of the conversion of stock options and vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods.


		Three Months Ended
	March 31, 2020		March 31, 2019
Income Available to Common Shareholders:
Net Income (Loss)	$	(12,261,859)	$	6,468,099
Weighted Average Shares Outstanding		4,711,396		5,345,870
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		—		—
Total Shares Applicable to Diluted Earnings Per Share		4,711,396		5,345,870

Per Share Information:
Basic and Diluted
Net Income (Loss) from Continuing Operations	$	(2.60)	$	1.00
Net Income from Discontinued Operations (Net of Tax)		—		0.21
Net Income (Loss)	$	(2.60)	$	1.21

The effect of 14,402 and 7,500 potentially dilutive securities was not included for the three months ended March 31, 2020 and 2019, respectively, as the effect would be anti-dilutive.

The Company intends to settle its 3.875% Convertible Senior Notes due 2025 (the “Convertible Notes”) in cash upon conversion with any excess conversion value to be settled in shares of our common stock. Therefore, only the amount in excess of the par value of the Convertible Notes will be included in our calculation of diluted net income per share using the treasury stock method. As such, the Convertible Notes have no impact on diluted net income per share until the price of our common stock exceeds the current conversion price of $78.03. The average price of our common stock during the three months ended March 31, 2020 did not exceed the conversion price which resulted in no additional diluted outstanding shares.