For the Years Ended December 31,

2015

2014

2013

Numerator:

Net income

$

509,724

$

493,241

$

377,215

Allocation of undistributed income to Series B Preferred Stock

—

—

(3,825

)

Net income available to common stockholders for basic net

   income per common share

$

509,724

$

493,241

$

373,390

Add back:

Allocation of undistributed income to Series B Preferred Stock

—

—

3,825

Net income available to common stockholders for diluted net

   income per common share

$

509,724

$

493,241

$

377,215

Denominator:

Weighted average common shares outstanding for basic net

   income per common share ^(a)

5,375,707

5,788,944

6,227,646

Weighted average impact of assumed Series B Preferred

   Stock conversion

—

—

63,789

Weighted average impact of dilutive equity instruments

59,459

73,076

93,356

Weighted average shares for diluted net income per common

   share

5,435,166

5,862,020

6,384,791

Net income per common share:

Basic

$

0.09

$

0.09

$

0.06

Diluted

$

0.09

$

0.08

$

0.06

(a)

The 7% Exchangeable Senior Subordinated Notes due 2014 (the “Exchangeable Notes”) were fully converted into shares of our common stock as of December 1, 2014.  During the year ended December 31, 2013, the common stock reserved for conversion in connection with the Exchangeable Notes were considered to be anti-dilutive in our calculation of diluted net income per share.