Common Stock Dividend

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Common Stock Dividend

Common Stock Dividend

On June 28, 2016, the Company’s Board of Directors declared a one-percent (1%) stock dividend on the Company’s outstanding common stock. Based upon the number of outstanding common shares on the record date of July 8, 2016, 160,492 additional shares were issued to shareholders on July 18, 2016. Because the stock dividend was considered a “small stock dividend,” approximately $886,791 was transferred from retained earnings to common stock based upon the $5.47 closing price of the Company’s common stock on the declaration date of June 28, 2016. There were no fractional shares paid. Except for earnings-per-share calculations, shares issued for the stock dividend have been treated prospectively for financial reporting purposes. For purposes of earnings per share calculations, the Company’s weighted average shares outstanding and potentially dilutive shares used in the computation of earnings per share have been restated after giving retroactive effect to a 1% stock dividend to shareholders for all periods presented.

During the first quarter of 2016, the Company's Board of Director's issued a one-percent (1%) stock dividend on the Company's outstanding common stock. Approximately $786,519 was transferred from retained earnings to common stock and 160,492 additional shares were issued to shareholders. For purposes of earnings per share calculations, the Company’s weighted average shares outstanding and potentially dilutive shares used in the computation of earnings per share have been restated after giving retroactive effect to a 1% stock dividend to shareholders for all periods presented.