Income Per Share and Per Unit

3 Months Ended

Mar. 31, 2015

13. Income Per Share and Per Unit

Income per Share. The limited partners’ outstanding limited partnership units in the Operating Partnership (which may be redeemed for common stock upon notice from the limited partners and following our election to redeem the units for stock rather than cash) have been excluded from the diluted earnings per share calculation as there would be no effect on the amounts since the limited partners’ share of income would also be added back to net income. The computation of basic and diluted earnings per share is presented below.


	*Three months ended* *March 31, 2015*		*Three months ended* *March 31, 2014*
	*(unaudited)*		*(unaudited)*
*Numerator*
Net income attributable to the Company for basic and dilutive computation	$	575,336	$	783,002

*Denominator*
Weighted average number of common shares outstanding		10,595,801		10,225,710


Basic and diluted net income per share	$	0.05	$	0.08

Income Per Unit – The computation of basic and diluted earnings per unit is presented below.


	*Three months ended* *March 31, 2015*		*Three months ended* *March 31, 2014*
	*(unaudited)*		*(unaudited)*
*Numerator*
Net income	$	713,859	$	1,002,314

*Denominator*
Weighted average number of units outstanding		13,146,628		13,089,837


Basic and diluted net income per unit	$	0.05	$	0.08

- Definition

The entire disclosure for earnings per share.

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