EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

Basic earnings per share includes no dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the periods presented. Diluted earnings per share reflects the potential dilution of securities that could share in the earnings of an entity, such as convertible preferred stock, stock options, warrants or convertible securities. Due to their anti-dilutive effect, the calculation of diluted earnings per share for the three months ended March 31, 2020 and 2019 excludes: 1) options to purchase 4,218,250 and 3,460,750 shares, respectively, of common stock, 2) warrants to purchase 8,633,193 and 7,353,056 shares, respectively, of common stock, 3) Series B Preferred Stock which is convertible into 3,883,449 and 3,658,905 shares, respectively, of common stock, 4) Series B1 Preferred Stock which is convertible into 7,004,236 and 10,112,309 shares, respectively, of common stock, and 5) Series A Preferred Stock which is convertible into 419,859 shares of common stock as of March 31, 2020 and 2019.