Earnings Per Common Share

9 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Earnings Per Common Share

9. Earnings Per Common Share

Basic earnings per common share is computed based upon the weighted average number of common shares outstanding during the period. Diluted earnings per common share is based upon the increased number of common shares that would be outstanding assuming the exercise of dilutive common share options and the consideration of restricted stock awards. The following table details the computation of earnings per common share, basic and diluted:

	For the Three Months Ended       September 30,				For the Nine Months Ended       September 30,
	2016		2015		2016		2015
Numerator for basic per share calculation:
Income from continuing operations for basic calculation	$	465,665	$	1,507,673	$	3,010,626	$	5,729,168
Income from discontinued operations, net of income tax expense		—		136,753		—		1,203,833
Net income for basic calculation	$	465,665	$	1,644,426	$	3,010,626	$	6,933,001
Numerator for diluted per share calculation:
Income from continuing operations	$	465,665	$	1,507,673	$	3,010,626	$	5,729,168
Adjustments to income from continuing operations for the statements of operations impact of dilutive securities		—		—		—		—
Income from continuing operations for dilution calculation		465,665		1,507,673		3,010,626		5,729,168
Income from discontinued operations, net of income tax expense		—		136,753		—		1,203,833
Net income for dilution calculation	$	465,665	$	1,644,426	$	3,010,626	$	6,933,001
Denominator:
Weighted average common shares – basic		11,320,904		11,236,188		11,308,833		11,218,759
Effect of dilutive securities:
RSUs		150,070		147,456		130,191		134,864
Stock options		293,236		337,556		306,475		339,825
Weighted average common shares – diluted		11,764,210		11,721,200		11,745,499		11,693,448
Per common share amounts – basic:
Income from continuing operations	$	0.04	$	0.13	$	0.27	$	0.51
Income from discontinued operations		—		0.02		—		0.11
Net income	$	0.04	$	0.15	$	0.27	$	0.62
Per common share amounts – diluted:
Income from continuing operations	$	0.04	$	0.13	$	0.26	$	0.49
Income from discontinued operations		—		0.01		—		0.10
Net income	$	0.04	$	0.14	$	0.26	$	0.59

Potentially dilutive securities include all stock based awards. For the three and nine months ended September 30, 2016 and 2015, only certain equity awards were antidilutive.