Common Stock and Basic Earnings Per Share

3 Months Ended

Mar. 31, 2016

Common Stock and Basic Earnings Per Share [Abstract]

Common Stock and Basic Earnings Per Share

2. Common Stock and Basic Earnings Per Share

Basic earnings per share for the three months ended March 31, 2016 and 2015 were based on weighted average shares outstanding of 12,821,106 and 12,836,368, respectively.

Since the Company has no common stock equivalents outstanding, there are no diluted earnings per share.

On March 11, 2013, the Board of Directors authorized a share repurchase program granting the Company authority to repurchase up to 1,200,000 shares of the Company's common stock from time to time.  Under the stock repurchase program, the Company may repurchase shares in the open market or through privately negotiated transactions.  The Company may suspend or discontinue the repurchase program at any time.  There were no shares repurchased by the Company during the three months ended March 31, 2016 and 2015.  As of March 31, 2016, 702,004 shares remain available for repurchase.