Net Income Per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Net Income Per Share

NET INCOME PER SHARE

The Company presents basic and diluted earnings per share ("EPS") data for its common stock. Basic EPS is calculated by dividing the net income attributable to stockholders of the Company by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is determined by adjusting the net income attributable to stockholders of the Company and the weighted average number of shares of common stock outstanding during the period for the effects of all dilutive potential common shares, including awards under stock-based compensation arrangements.

The Company's unvested restricted stock awards (see Note 8) are considered participating securities under FASB Codification topic, Earnings Per Share, because they entitle holders to non-forfeitable rights to dividends until the awards vest or are forfeited. When a company has a security that qualifies as a "participating security," the Codification requires the use of the two-class method when computing basic EPS. The two-class method is an earnings allocation formula that determines EPS for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. In determining the amount of net income to allocate to common stockholders, income is allocated to both common stock and participating securities based on their respective weighted average shares outstanding for the period, with net income attributable to common stockholders ultimately equaling net income less net income attributable to participating securities. Diluted EPS for the Company's common stock is computed using the more dilutive of the two-class method or the treasury stock method.

The following is a calculation of the basic and diluted EPS for the Company's common stock, including a reconciliation between net income and net income attributable to common stockholders:

	2014			2013			2012
Basic EPS
Numerator
Net income	$	32,920,279		$	32,743,238		$	29,973,472
Less: Net income attributable to participating securities	(499,270		)	(298,939		)	(271,182		)
Net income attributable to common stockholders	$	32,421,009		$	32,444,299		$	29,702,290
Denominator
Weighted average shares outstanding used in basic per common share computations	11,025,897			10,997,890			10,976,982
Basic EPS	$	2.94		$	2.95		$	2.71
Diluted EPS
Numerator
Net income attributable to common stockholders	$	32,421,009		$	32,444,299		$	29,702,290
Reallocation of net income attributable to participating securities	5			—			—
Net income attributable to common stockholders for diluted EPS	$	32,421,014		$	32,444,299		$	29,702,290
Denominator
Weighted average shares outstanding used in basic per common share computations	11,025,897			10,997,890			10,976,982
Weighted average effect of dilutive securities:
Performance share awards	509			—			—
Weighted average shares outstanding used in diluted per common share computations	11,026,406			10,997,890			10,976,982
Diluted EPS	$	2.94		$	2.95		$	2.71