Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share

v3.7.0.1
Earnings per Share
 6 Months Ended
Jun. 30, 2017
Earnings Per Share [Abstract]  
Earnings per Share
Earnings per Share
Basic net income per common share is calculated by dividing the income available to common stockholders by the weighted average common shares outstanding during each reporting period.  Diluted net income per common share adjusts the weighted average number of common shares outstanding for the potential dilution that could occur if common stock equivalents (stock options and restricted stock units) were exercised or converted into common stock, calculated using the treasury stock method. We had no participating securities during the three and six months ended June 30, 2017 and 2016.
Common stock equivalents of 35,468 and 232,784 for the three months ended June 30, 2017 and 2016, respectively, and 35,447 and 238,391 for the six months ended June 30, 2017 and 2016, respectively, were excluded from the calculation of diluted net income per common share as the effect would have been anti-dilutive.
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Numerator:
 

 
 

 
 
 
 
Net income available to common stockholders for basic and diluted net income per common share
$
202,109

 
$
174,965

 
$
409,182

 
$
347,405

Denominator:
 

 
 

 
 

 
 
Weighted average common shares outstanding for basic net income per common share
4,652,426

 
4,938,820

 
4,681,223

 
5,002,070

Weighted average impact of dilutive equity instruments
83,166

 
49,427

 
78,518

 
47,501

Weighted average shares for diluted net income per common share
4,735,592

 
4,988,247

 
4,759,741

 
5,049,571

Net income per common share:
 

 
 

 
 

 
 
Basic
$
0.04

 
$
0.04

 
$
0.09

 
$
0.07

Diluted
$
0.04

 
$
0.04

 
$
0.09

 
$
0.07