Common Stock and Earnings Per Share

3 Months Ended

Mar. 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 is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is based on the assumption of the conversion of stock options and vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods.

	Three Months Ended
	March 31, 2016		March 31, 2015
Income Available to Common Shareholders:
Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co.	$	1,424,718	$	353,356
Net Income from Discontinued Operations Attributable to Consolidated-Tomoka Land Co. (Net of Tax)		-		-
Net Income Attributable to Consolidated-Tomoka    Land Co.	$	1,424,718	$	353,356
Weighted Average Shares Outstanding		5,734,884		5,826,640
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		-		33,721
Total Shares Applicable to Diluted Earnings Per Share		5,734,884		5,860,361
Per Share Information:
Basic Net Income Per Share
Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co.	$	0.25	$	0.06
Net Income from Discontinued Operations Attributable to Consolidated-Tomoka Land Co. (Net of Tax)		-		-
Net Income Attributable to Consolidated-Tomoka Land Co.	$	0.25	$	0.06
Diluted Net Income per Share
Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co.	$	0.25	$	0.06
Net Income from Discontinued Operations Attributable to Consolidated-Tomoka Land Co. (net of tax)		-		-
Net Income Attributable to Consolidated-Tomoka Land Co.	$	0.25	$	0.06

The effect of 67,500 and 25,200 potentially dilutive securities were not included for the three months ended March 31, 2016 and 2015, respectively, as the effect would be antidilutive.

The Company intends to settle its 4.50% Convertible Senior Notes due 2020 (the “Notes”) 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 three months ended March 31, 2016 and 2015 did not exceed the conversion price which resulted in no additional diluted outstanding shares.