Earnings Per Share

3 Months Ended

Mar. 31, 2016

Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per common share is calculated by dividing net income by the weighted average shares outstanding plus share equivalents that would arise from the exercise of share options and the vesting of restricted stock. The computation of basic and diluted earnings per common shares for the three months ended March 31, 2016 and 2015 is as follows:



	Three Months Ended March 31,
	2016		2015
Numerator
Net income	$	262,611	$	3,327,777
Denominator:
Denominator for basic earnings per common share - weighted-average shares	29,072,061		23,306,989
Effect of dilutive securities:
Employee stock awards	746,259		628,903
Denominator for dilutive earnings per common share	29,818,320		23,935,892
Basic earnings per common share	$	0.01	$	0.14
Diluted earnings per common share	$	0.01	$	0.14

There were no employee stock options and no unvested restricted stock excluded from the calculation of diluted earnings per common share for the three months ended March 31, 2016 and 2015.

As of March 31, 2016, none of the conditions allowing holders of the Notes to convert have been met and no conversion spread exists. As such, the Notes did not have a dilutive impact on diluted earnings per common share for the three months ended March 31, 2016.