Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share

v3.8.0.1
Earnings per Share
 9 Months Ended
Sep. 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 nine months ended September 30, 2017 and 2016.
Common stock equivalents of 54,555 and 192,134 for the three months ended September 30, 2017 and 2016, respectively, and 42,481 and 239,205 for the nine months ended September 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 September 30,
 
For the Nine Months Ended September 30,
 
2017
 
2016
 
2017
 
2016
Numerator:
 

 
 

 
 
 
 
Net income available to common stockholders for basic and diluted net income per common share
$
275,722

 
$
193,901

 
$
684,904

 
$
541,306

Denominator:
 

 
 

 
 

 
 
Weighted average common shares outstanding for basic net income per common share
4,618,368

 
4,870,281

 
4,660,041

 
4,957,820

Weighted average impact of dilutive equity instruments
86,203

 
49,548

 
74,800

 
47,313

Weighted average shares for diluted net income per common share
4,704,571

 
4,919,829

 
4,734,841

 
5,005,133

Net income per common share:
 

 
 

 
 

 
 
Basic
$
0.06

 
$
0.04

 
$
0.15

 
$
0.11

Diluted
$
0.06

 
$
0.04

 
$
0.14

 
$
0.11