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 awards 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:



	Year Ended December 31,
	2017			2016			2015
Net Income	$	51,601,669		$	46,594,132		$	37,074,497
Less: Net income attributable to redeemable noncontrolling interest	(1,612,712		)	(542,209		)	—
Net income attributable to common shareholders	$	49,988,957		$	46,051,923		$	37,074,497

Weighted average number of outstanding shares	3,448,824			3,407,408			3,277,920
Dilutive impact of restricted stock grants with forfeitable rights to dividends	—			—			74,957
Dilutive impact of restricted stock units	3,014			5,983			6,909
Weighted average number of outstanding shares - Diluted	3,451,838			3,413,391			3,359,786

Earnings per share attributable to common shareholders
Basic	$	14.49		$	13.52		$	11.31
Diluted	$	14.48		$	13.49		$	11.03