NOTE 11. NET INCOME (LOSS) PER SHARE

The calculation of the weighted average number of shares outstanding and income (loss) per share outstanding for the three and nine months ended September 30, 2015 and 2014 are as follows:

 

    Three Months Ended September 30,     Nine Months Ended September 30,  
    2015     2014     2015     2014  
Numerator for basic and diluted income per share – Net income (loss), as reported   $ 5,707,407     $ (716,256 )   $ (2,181,227 )   $ (3,256,615 )
Secured convertible note - interest     9,000                    
Secured convertible note – change in fair value     (162,235 )                  
                                 
Numerator for basic and diluted income (loss) per share – Net loss, as adjusted   $ 5,554,172     $ (716,256 )   $ (2,181,227 )   $ (3,256,615 )

 

    Three Months Ended September 30,     Nine Months Ended September 30,  
    2015     2014     2015     2014  
Denominator for basic income (loss) per share – weighted average shares outstanding     2, 686,694       2,555,968       2,652,605       2,541,635  
Dilutive effect of shares issuable upon assumed conversion of secured convertible note payable     90,000                    
                                 
Denominator for diluted income (loss) per share – adjusted weighted average shares outstanding     2,776,694       2,555,968       2,652,605       2,541,635  
                                 
Net income (loss) per share:                                
Basic   $ 2.12     $ (0.28 )   $ (0.82 )   $ (1.28 )
Diluted   $ 2.00     $ (0.28 )   $ (0.82 )   $ (1.28 )

 

Basic income (loss) per share is based upon the weighted average number of common shares outstanding during the period. For the three and nine months ended September 30, 2015 and 2014, all outstanding stock options and warrants to purchase common stock were antidilutive, and, therefore, not included in the computation of diluted net loss per share. The secured convertible note was treated as a common stock equivalent for the three months ended September 30, 2015 as its effect was dilutive to the net income per share for that period.

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.

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Other recent filings from the company include the following:

INFINITY ENERGY RESOURCES: Securities And Exchange Commission - Nov. 14, 2017

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