Earnings Per Share

9 Months Ended

Sep. 30, 2020

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. Restricted stock units are considered dilutive, although there were no restricted stock units outstanding at any time during the nine months ended September 30, 2020. 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,
	2020		2019		2020		2019
Net Income	$	11,140,583	$	11,516,637	$	22,250,694	$	45,230,053
Less: Net loss (income) attributable to redeemable noncontrolling interest	(575,068)		(99,177)		2,045,619		(3,684,799)
Net income attributable to common shareholders	$	10,565,515	$	11,417,460	$	24,296,313	$	41,545,254

Weighted average number of outstanding shares - Basic	3,200,957		3,411,632		3,231,452		3,460,959
Dilutive impact of restricted stock units	—		—		—		200
Weighted average number of outstanding shares - Diluted	3,200,957		3,411,632		3,231,452		3,461,159

Earnings per share attributable to common shareholders
Basic	$	3.30	$	3.35	$	7.52	$	12.00
Diluted	$	3.30	$	3.35	$	7.52	$	12.00