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Earnings Per Share
 9 Months Ended
Sep. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

Note 8 Earnings Per Share

The Company’s common shares outstanding consist of all shares issued and outstanding, including unvested restricted shares. Basic and diluted EPS are calculated under the two-class method. Pursuant to the two-class method, the Company’s unvested restricted stock grants with nonforfeitable rights to dividends are considered participating securities. Dividends are paid on all common shares outstanding at the same rate. Accordingly, the Company has evaluated the impact of earnings per share of all participating securities under the two-class method, noting no impact on earnings per share. Restricted stock grants with forfeitable rights to dividends are considered dilutive. The following table sets forth the computation for basic and diluted EPS:

 

     Three Months Ended
September 30,		      Nine Months Ended
September 30,		  
     2013      2012      2013      2012  

Net income

    $ 5,361,736       $ 4,166,786       $ 15,404,014       $ 12,106,236   

Weighted average number of outstanding shares - Basic

      3,160,039         3,153,585         3,135,466         3,095,409   

Weighted average number of outstanding shares - Diluted

      3,211,793         3,153,585         3,180,971         3,095,409   

Earnings per share

            

Basic

    $ 1.70       $ 1.32       $ 4.91       $ 3.91   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted

    $ 1.67       $ 1.32       $ 4.84       $ 3.91