The Joint Corp. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Nature of Operations and Summary of Significant Accounting Policies (Tables)

Nature of Operations and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

The following table summarizes the number of clinics in operation under franchise agreements and as company-owned or managed clinics for the three months ended March 31, 2020 and 2019:


	Three Months Ended March 31,
Franchised clinics:	2020	2019
Clinics open at beginning of period	453	394
Opened during the period	16	12
Sold during the period	—	(1)
Closed during the period	—	(1)
Clinics in operation at the end of the period	469	404

	Three Months Ended March 31,
Company-owned or managed clinics:	2020	2019
Clinics open at beginning of period	60	48
Opened during the period	1	2
Acquired during the period	—	1
Closed during the period	—	(1)
Clinics in operation at the end of the period	61	50

Total clinics in operation at the end of the period	530	454

Clinic licenses sold but not yet developed	176	145
Executed letters of intent for future clinic licenses	36	27

Schedule of Earnings (Loss) per Common Share


	Three Months Ended March 31,
	2020		2019
Net Income	$	814,947	$	952,644

Weighted average common shares outstanding - basic	13,890,673		13,751,196
Effect of dilutive securities:
Unvested restricted stock and stock options	592,911		504,810
Weighted average common shares outstanding - diluted	14,483,584		14,256,006

Basic earnings per share	$	0.06	$	0.07
Diluted earnings per share	$	0.06	$	0.07

Potentially dilutive securities excluded from the calculation of diluted net income per common share as the effect would be anti-dilutive were as follows:


	Three Months Ended March 31,
Weighted average potentially dilutive securities:	2020	2019
Unvested restricted stock	—	3,339
Stock options	101,692	69,675