EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2017
EARNINGS PER SHARE  
EARNINGS PER SHARE
17. EARNINGS PER SHARE
 
Basic earnings per share and diluted earnings per share have been calculated as follows:
 
 
 
For the years ended December 31,
 
 
 
2015
 
2016
 
2017
 
Numerator:
 
 
 
 
 
 
 
 
 
 
Net income from continuing operations
 
$
20,213,270
 
$
94,482
 
$
3,199,831
 
Net income/(loss) from discontinued operations
 
 
(25,288,392)
 
 
(34,792,733)
 
 
31,257,707
 
Total net income/(loss)
 
 
(5,075,122)
 
 
(34,698,251)
 
 
34,457,538
 
 
 
 
 
 
 
 
 
 
 
 
Net income from continuing operations
 
 
20,213,270
 
 
94,482
 
 
3,199,831
 
Dilutive effects of convertible notes and warrants
 
 
-
 
 
-
 
 
-
 
Numerator for diluted income per share for continuing operations
 
 
20,213,270
 
 
94,482
 
 
3,199,831
 
 
 
 
 
 
 
 
 
 
 
 
Numerator for diluted income/(loss) per share for discontinued operations
 
 
(25,288,392)
 
 
(34,792,733)
 
 
31,257,707
 
 
 
 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
 
 
 
Denominator for basic earnings per share - weighted average number of ordinary shares outstanding
 
 
204,085,041
 
 
202,229,767
 
 
246,899,286
 
Dilutive effects of share options, RSUs and warrants
 
 
137,500
 
 
174,137
 
 
6,003
 
Denominator for diluted calculation - weighted average number of ordinary shares outstanding
 
 
204,222,541
 
 
202,403,904
 
 
246,905,289
 
Continuing operations:
 
 
 
 
 
 
 
 
 
 
Basic earnings per share from continuing operations
 
 
0.10
 
 
0.00
 
 
0.01
 
Diluted earnings per share from continuing operations
 
 
0.10
 
 
0.00
 
 
0.01
 
Discontinued operations
 
 
 
 
 
 
 
 
 
 
Basic earnings/(loss) per share from discontinued operations
 
 
(0.12)
 
 
(0.17)
 
 
0.13
 
Diluted earnings/(loss) per share from discontinued operations
 
 
(0.12)
 
 
(0.17)
 
 
0.13
 
 
The Company issues ordinary shares to its share depository bank which will be used to settle stock option awards upon their exercise. Any ordinary shares not used in the settlement of stock option awards will be returned to the Company. As of December 31,2016 and 2017 , there are 488,100 and 348,100 ordinary shares, respectively, are legally issued to the share depository bank but are treated as escrowed shares for accounting purposes and therefore, have been excluded from the computation of earnings per share.
 
As the Company reports discontinued operations in the periods presented, the Company uses income from continuing operations as the control number in determining whether those potential common shares are dilutive or antidilutive. That is, the same number of potential common shares used in computing the diluted per-share amount for income from continuing operations shall be used in computing all other reported diluted per-share amounts even if those amounts will be antidilutive to their respective basic per-share amounts.