Income Per Common Share

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Income Per Common Share

Note 5: Income Per Common Share

Basic income per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the weighted-average number of common shares and potential common shares outstanding. Potential common shares consist of dilutive stock options determined using the treasury stock method and the average market price of common stock.

	Three Months Ended June 30,
	2016		2015
Numerator:
Net Income	$	1,312,110	$	1,253,438
Denominator:
Weighted average shares outstanding		4,929,722		4,910,501
Effect of dilutive shares		126,801		113,666
Weighted average shares outstanding-diluted		5,056,523		5,024,167
Earnings per share
Basic	$	0.27	$	0.26
Diluted	$	0.26	$	0.25

	Six Months Ended June 30,
	2016		2015
Numerator:
Net Income	$	2,507,846	$	2,458,397
Denominator:
Weighted average shares outstanding		4,923,266		4,908,871
Effect of dilutive shares		124,335		116,683
Weighted average shares outstanding-diluted		5,047,601		5,025,554
Earnings per share
Basic	$	0.51	$	0.50
Diluted	$	0.50	$	0.49

On August 27, 2015, the Company’s Board of Directors declared a ten percent stock dividend to our shareholders. The record date was September 8, 2015 and the distribution date was September 28, 2015. Earnings per share and average shares outstanding have been adjusted to reflect the stock dividend in our consolidated financial statements.