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EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2013
EARNINGS PER SHARE  
EARNINGS PER SHARE

NOTE 13—EARNINGS PER SHARE

        The Company issues shares of restricted stock entitling the holders to receive non-forfeitable dividends, if and when, the Company were to declare a dividend, before vesting, thus making the awards participating securities. The awards are included in the calculation of earnings per share under the two-class method. The two-class method allocates earnings for the period between common shareholders and unvested participating shareholders.

        The following table sets forth the calculation of earnings per basic and diluted shares from continuing and discontinued operations for the years ended December 31, 2013, 2012, and 2011:

 
   For the Years Ended December 31,  
 
   2013   2012   2011  

Income from continuing operations:

                    

Income from continuing operations

   $ 69,581,803   $ 44,570,601   $ 14,608,857  

Less: undistributed earnings to unvested restricted stock

     1,672,809     825,295     214,892  

Undistributed earnings to common shareholders

     67,908,994     43,745,306     14,393,965  

Basic income per common share from continuing operations

   $ 1.73   $ 1.12   $ 0.49  

Diluted income per common share from continuing operations

   $ 1.72   $ 1.12   $ 0.49  

Income (loss) from discontinued operations:

    
 		    
 		    
 		  

Income (loss) from discontinued operations

   $ (398,000 ) $ 1,951,976   $ (1,917,676 )

Less: undistributed earnings to unvested restricted stock

     (9,568 )   36,144     (28,208 )

Undistributed earnings to common shareholders

     (388,432 )   1,915,832     (1,889,468 )

Basic income (loss) per common share from discontinued operations

   $ (0.01 ) $ 0.05   $ (0.06 )

Diluted income (loss) per common share from discontinued operations

   $ (0.01 ) $ 0.05   $ (0.06 )

Net income:

    
 		    
 		    
 		  

Net income

   $ 69,183,803   $ 46,522,577   $ 12,691,181  

Less: undistributed earnings to unvested restricted stock

     1,663,240     861,439     186,683  

Undistributed earnings to common shareholders

     67,520,563     45,661,138     12,504,498  

Basic net income per common share

   $ 1.72   $ 1.17   $ 0.43  

Diluted net income per common share

   $ 1.71   $ 1.17   $ 0.43  

Weighted-average shares outstanding—basic

     39,337,121     39,051,739     29,323,999  

Add: dilutive effect of contingent PSUs

     66,478     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Weighted-average shares outstanding—diluted

     39,403,599     39,051,739     29,323,999  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

        The Company had no anti-dilutive shares for the years ended December 31, 2013, 2012, and 2011.

        During 2013, the Company determined that the issued shares of restricted stock are in fact participating securities and have applied the two-class method. The application of the two-class method had no impact to the previously reported per share amounts.