Earnings per Share

12 Months Ended

Dec. 31, 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 (warrants, 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 years ended December 31, 2016, 2015 and 2014.

Common stock equivalents of 208,202 for the year ended December 31, 2016, and 151,112 and 132,162 for the years ended December 31, 2015 and 2014, respectively, were excluded from the calculation of diluted net income per common share as the effect would have been anti-dilutive.



	For the Years Ended December 31,
	2016		2015		2014
Numerator:
Net income available to common stockholders for basic and diluted net income per common share	$	745,933	$	509,724	$	493,241
Denominator:
Weighted average common shares outstanding for basic net income per common share	4,917,050		5,375,707		5,788,944
Weighted average impact of dilutive equity instruments	47,678		59,459		73,076
Weighted average shares for diluted net income per common share	4,964,728		5,435,166		5,862,020
Net income per common share:
Basic	$	0.15	$	0.09	$	0.09
Diluted	$	0.15	$	0.09	$	0.08