Note 9 — Warrants

The Company had 684,095 and 713,652 warrants outstanding at September 30, 2019 and December 31, 2018, respectively, with a weighted average exercise price of $25.37 and $26.19 per share, respectively. During the three and nine months ended September 30, 2019, 19,355 and 29,557 warrants expired, respectively. At September 30, 2019, all warrants are exercisable, although warrants held by the Company’s two largest beneficial owners may be exercised only to the extent that the total number of shares of common stock then beneficially owned by these shareholders does not exceed 9.99% of the outstanding shares of the Company’s common stock.