Common Stock and Earnings Per Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Common Stock and Earnings Per Share

NOTE 10.       COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share were computed by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share were determined based on the assumption of the conversion of stock options and vesting of restricted stock using the treasury stock method at average market prices for the periods.

		Year Ended
		December 31, 2016		December 31, 2015		December 31, 2014
Income Available to Common Shareholders:
Net Income Attributable to Consolidated-Tomoka Land Co.	$	16,251,248	$	8,347,166	$	6,383,818
Weighted Average Shares Outstanding		5,680,165		5,804,655		5,765,997
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		13,697		25,423		22,853
Total Shares Applicable to Diluted Earnings Per Share		5,693,862		5,830,078		5,788,850
Per Share Information:
Basic
Net Income Attributable to Consolidated-Tomoka Land Co.	$	2.86	$	1.44	$	1.11
Diluted
Net Income Attributable to Consolidated-Tomoka Land Co.	$	2.85	$	1.43	$	1.10

In addition to the dilutive securities presented above, the effect of 85,500,  60,200, and 40,400 potentially dilutive securities were not included for the years ended December 31, 2016, 2015, and 2014, respectively, as the effect would be antidilutive.

The Company intends to settle its 4.50% Convertible Senior Notes due 2020 in cash upon conversion with any excess conversion value to be settled in shares of our common stock. Therefore, only the amount in excess of the par value of the Notes will be included in our calculation of diluted net income per share using the treasury stock method. As such, the Notes have no impact on diluted net income per share until the price of our common stock exceeds the conversion price of $68.90. The average price of our common stock during the year ended December 31, 2016 did not exceed the conversion price which resulted in no additional diluted outstanding shares.