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Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2017
Earnings Per Share [Abstract]  
Summary of Basic and Diluted Earnings Per Share

The following is a summary of the basic and diluted earnings per share calculation for the three months ended March 31, 2017 and 2016:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2017

 

 

2016

 

Basic net income per share calculation:

 

 

 

 

 

 

 

 

Numerator – Net income

 

$

332,058

 

 

$

1,583,846

 

Denominator – Average common shares outstanding

 

 

11,210,948

 

 

 

8,628,683

 

Basic net income per share

 

$

0.03

 

 

$

0.18

 

Diluted net income per share calculation:

 

 

 

 

 

 

 

 

Numerator – Net income

 

$

332,058

 

 

$

1,583,846

 

Denominator – Average common shares outstanding

 

 

11,210,948

 

 

 

8,628,683

 

Dilutive shares contingently issuable

 

 

1,573,169

 

 

 

1,943,510

 

Average diluted common shares outstanding

 

 

12,784,117

 

 

 

10,572,193

 

Diluted net income per share

 

$

0.03

 

 

$

0.15