Earnings Per Share [Text Block] |
Note 4 – Income Per Share Net income per common share information is computed using the two-class method. Under the two-class method, basic net income per common share is computed by dividing the net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. The table below sets forth the calculation of the percentage of net earnings allocable to common shareholders under the two-class method: | | Three Months Ended June 30, | | | Six Months Ended June 30, | | | | | | | | | | | | | | | Basic earnings per common share: | | | | | | | | | | | | | | | | | | | | 7,987 | | | | 120,712 | | | | 9,833 | | | | 261,501 | | Discount upon exchange of Preferred Stock, net of related fees | | | 1,103,597 | | | | - | | | | 1,103,597 | | | | - | | | | | 1,111,584 | | | | 120,712 | | | | 1,113,430 | | | | 261,501 | | Portion allocable to common shareholders | | | 99.3 | % | | | 99.2 | % | | | 99.3 | % | | | 99.2 | % | Net income available to common shareholders | | | 1,103,803 | | | | 119,746 | | | | 1,105,636 | | | | 259,409 | | | | | | | | | | | | | | | | | | | Weighted average basic shares outstanding | | | 32,419,016 | | | | 31,947,753 | | | | 32,224,577 | | | | 32,124,260 | | Basic (loss) income per common share | | $ | 0.03 | | | $ | - | | | $ | 0.03 | | | $ | 0.01 | | | | | | | | | | | | | | | | | | | Dilutive earnings per common share: | | | | | | | | | | | | | | | | | Net income allocable to common shareholders | | | 1,103,803 | | | | 119,746 | | | | 1,105,636 | | | | 259,409 | | Add: undistributed earnings allocated to participating securities | | | 7,781 | | | | 966 | | | | 7,794 | | | | 2,092 | | Numerator for diluted earnings per common share | | | 1,111,584 | | | | 120,712 | | | | 1,113,430 | | | | 261,501 | | | | | | | | | | | | | | | | | | | Weighted average shares outstanding - basic | | | 32,419,016 | | | | 31,947,753 | | | | 32,224,577 | | | | 32,124,260 | | | | | | | | | | | | | | | | | | | | | | 7,636 | | | | 19,250 | | | | 7,636 | | | | 18,667 | | Unvested restricted stock units | | | 1,818 | | | | 19,250 | | | | 1,818 | | | | 17,600 | | Conversion equivalent of dilutive Series B Convertible Preferred Stock | | | 2,865,477 | | | | 3,307,299 | | | | 3,086,388 | | | | 3,307,299 | | Conversion equivalent of dilutive Convertible Preferred Stock | | | 212,967 | | | | 255,000 | | | | 233,984 | | | | 255,000 | | Weighted average dilutive shares outstanding | | | 35,506,914 | | | | 35,548,552 | | | | 35,554,403 | | | | 35,722,826 | | Dilutive income per common share | | $ | 0.03 | | | $ | - | | | $ | 0.03 | | | $ | 0.01 | | The table below sets forth the calculation of the percentage of net earnings allocable to common shareholders under the two-class method: | | Three Months Ended June 30, | | | Six Months Ended June 30, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Weighted average participating common shares | | | 32,419,016 | | | | 31,947,753 | | | | 32,224,577 | | | | 32,124,260 | | | | | | | | | | | | | | | | | | | Weighted average participating common shares | | | 32,419,016 | | | | 31,947,753 | | | | 32,224,577 | | | | 32,124,260 | | Add: Weighted average shares of Convertible Preferred Stock | | | 212,967 | | | | 255,000 | | | | 233,984 | | | | 255,000 | | Weighted average participating shares | | | 32,631,983 | | | | 32,202,753 | | | | 32,458,561 | | | | 32,379,260 | | Portion allocable to common shareholders | | | 99.3 | % | | | 99.2 | % | | | 99.3 | % | | | 99.2 | % | Diluted net income per share for the three and six months ended June 30, 2016 and 2015 does not reflect the following potential common shares, as the effect would be antidilutive.
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