Common Stock and Earnings Per Share

12 Months Ended

Dec. 31, 2015

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, 2015		December 31, 2014		December 31, 2013
Income Available to Common Shareholders:
Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co.	$	8,347,166	$	6,383,818	$	2,561,538
Net Income from Discontinued Operations Attributable to Consolidated-Tomoka Land Co. (Net of Tax)		—		—		1,121,709
Net Income Attributable to Consolidated-Tomoka Land Co.	$	8,347,166	$	6,383,818	$	3,683,247
Weighted Average Shares Outstanding		5,804,655		5,765,997		5,739,383
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		25,423		22,853		3,754
Total Shares Applicable to Diluted Earnings Per Share		5,830,078		5,788,850		5,743,137

Per Share Information:
Basic Net Income Per Share
Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co.	$	1.44	$	1.11	$	0.44
Net Income from Discontinued Operations Attributable to Consolidated-Tomoka Land Co. (Net of Tax)		-		-		0.20
Net Income Attributable to Consolidated-Tomoka Land Co.	$	1.44	$	1.11	$	0.64

Diluted Net Income per Share
Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co.	$	1.43	$	1.10	$	0.44
Net Income from Discontinued Operations Attributable to Consolidated-Tomoka Land Co. (net of tax)		-		-		0.20
Net Income Attributable to Consolidated-Tomoka Land Co.	$	1.43	$	1.10	$	0.64

In addition to the dilutive securities presented above, the effect of 60,200, 40,400, and 58,800 potentially dilutive securities were not included for the years ended December 31, 2015, 2014, and 2013, 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, 2015 did not exceed the conversion price which resulted in no additional diluted outstanding shares.