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Earnings Per Share
 9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share
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 and restricted stock units are considered dilutive. The following table sets forth the computation for basic and diluted EPS and reconciliation between basic and diluted shares outstanding:
 
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2014
 
2013
 
2014
 
2013
Net income
$
6,350,580

 
$
5,361,736

 
$
19,028,213

 
$
15,404,014

 
 
 
 
 
 
 
 
Weighted average number of outstanding shares - Basic
3,205,904

 
3,160,039

 
3,190,171

 
3,135,466

Dilutive impact of restricted stock grants with forfeitable rights to dividends
69,646

 
51,754

 
66,613

 
45,505

Dilutive impact of restricted stock units
5,212

 
—

 
3,480

 
—

Weighted average number of outstanding shares - Diluted
3,280,762

 
3,211,793

 
3,260,264

 
3,180,971

 
 
 
 
 
 
 
 
Earnings per share
 
 
 
 
 
 
 
Basic
$
1.98

 
$
1.70

 
$
5.96

 
$
4.91

Diluted
$
1.94

 
$
1.67

 
$
5.84

 
$
4.84