Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share

v3.10.0.1
Earnings per Share
 9 Months Ended
Sep. 30, 2018
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, 2018 and 2017.
Common stock equivalents of 21,821 and 54,555 for the three months ended September 30, 2018 and 2017, respectively, and 13,897 and 42,481 for the nine months ended September 30, 2018 and 2017, 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,
 
2018
 
2017
 
2018
 
2017
Numerator:
 

 
 

 
 
 
 
Net income available to common stockholders for basic and diluted net income per common share
$
343,048

 
$
275,722

 
$
924,841

 
$
684,904

Denominator:
 

 
 

 
 

 
 
Weighted average common shares outstanding for basic net income per common share
4,473,652

 
4,618,368

 
4,482,249

 
4,660,041

Weighted average impact of dilutive equity instruments
100,835

 
86,203

 
104,097

 
74,800

Weighted average shares for diluted net income per common share
4,574,487

 
4,704,571

 
4,586,346

 
4,734,841

Net income per common share:
 

 
 

 
 

 
 
Basic
$
0.08

 
$
0.06

 
$
0.21

 
$
0.15

Diluted
$
0.07

 
$
0.06

 
$
0.20

 
$
0.14