Earnings per Share

6 Months Ended

Jun. 30, 2016

Basic net income per common share is calculated by dividing the income available to common stockholders by the weighted average common shares outstanding during each reporting period. Diluted net income per common share adjusts the weighted average number of common shares outstanding for the potential dilution that could occur if common stock equivalents (stock options and restricted stock units) were exercised or converted into common stock, calculated using the treasury stock method. We had no participating securities during the three and six months ended June 30, 2016 and 2015.

Common stock equivalents of 232,784 and 113,067 for the three months ended June 30, 2016 and 2015, respectively, and 238,391 and 114,443 for the six months ended June 30, 2016 and 2015, respectively, were excluded from the calculation of diluted net income per common share as the effect would have been anti-dilutive.



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2016		2015		2016		2015
Numerator:
Net income available to common stockholders for basic and diluted net income per common share	$	173,015	$	102,849	$	344,354	$	208,541
Denominator:
Weighted average common shares outstanding for basic net income per common share	4,938,820		5,443,590		5,002,070		5,506,818
Weighted average impact of dilutive equity instruments	49,427		64,011		47,501		63,627
Weighted average shares for diluted net income per common share	4,988,247		5,507,601		5,049,571		5,570,445
Net income per common share:
Basic	$	0.04	$	0.02	$	0.07	$	0.04
Diluted	$	0.03	$	0.02	$	0.07	$	0.04