Your dilution numbers are inaccurate. As of December 31, 2018, the O/S was already over 400 million. Last year’s dilution was minimal and all restricted shares.
Also, SG&A expenses naturally increased and doubled due to their acquisitions. Hence why it went from $3.4 to $6 million last year after the Davis/Orlando acquisition closed. Obvious spin of numbers there without context is obvious.
Don't miss the big run by always trying to chase the next big run