Common Stock and Basic Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30, 2016 and 2015 were based on weighted average shares outstanding of 12,849,884 and 12,861,823, respectively.

Basic earnings per share for the six months ended June 30, 2016 and 2015 were based on weighted average shares outstanding of 12,835,495 and 12,849,166, 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 and six month periods ended June 30, 2016 and 2015.  As of June 30, 2016, 702,004 shares remain available for repurchase.