Income Per Share and Per Unit

9 Months Ended

Sep. 30, 2015

14. 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		Three Months Ended			Nine Months Ended		Nine Months Ended
	September 30, 2015		September 30, 2014			September 30, 2015		September 30, 2014
	(unaudited)		(unaudited)			(unaudited)		(unaudited)
Numerator
Net income (loss) attributable to the Company for basic computation	$	3,872,394	$	(214,902	)	$	5,878,836	$	2,734,789

Denominator
Weighted average number of common shares outstanding for basic computation		14,247,671		10,353,988			11,884,110		10,311,595
Basic and diluted net income (loss) per share	$	0.27	$	(0.02	)	$	0.49	$	0.27

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

	Three Months Ended		Three Months Ended			Nine Months Ended		Nine Months Ended
	September 30, 2015		September 30, 2014			September 30, 2015		September 30, 2014
	(unaudited)		(unaudited)			(unaudited)		(unaudited)
Numerator
Net income (loss)	$	4,636,644	$	(280,014	)	$	7,109,609	$	3,474,854
Denominator
Weighted average number of units outstanding		16,615,889		13,108,115			14,328,893		13,101,986
Basic and diluted net income (loss) per unit	$	0.28	$	(0.02	)	$	0.50	$	0.27