NOTE 11 – INCOME PER SHARE

Basic income per share is calculated by dividing net income for period by the weighted average number of common shares outstanding for the period. In computing dilutive income per share, basic income per share is adjusted for the assumed issuance of all applicable potentially dilutive share-based awards, including common stock options, restricted stock and warrants.

Below are basic and diluted net income per share for the periods indicated (in thousands, except for share data):

	Three Months Ended June 30,				Six Months Ended June 30,

	2019		2018		2019		2018

Net income for basic and diluted income per common share	$	7,074	$	1,844	$	10,230	$	1,304

Shares:
Weighted-average common shares outstanding – basic		37,505,598		17,227,682		36,847,845		17,227,682
Effect of dilutive securities:
Restricted stock		17,762		-		15,221		-
Stock options		19,762		-		9,881		-
Warrants		51,029		-		25,515		-
Weighted-average common shares outstanding – diluted		37,594,151		17,227,682		36,898,462		17,227,682

Net income per common share - basic and diluted	$	0.19	$	0.11	$	0.28	$	0.08

The computation of diluted weighted-average common shares outstanding above excludes 117,500 options to purchase shares of the Company’s common stock because, under the treasury stock method, the inclusion of these would be anti-dilutive.