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 shares of Series B Preferred Stock are not convertible into or exchangeable for any other property or securities of the Company, except upon the occurrence of a change of control and have been excluded from the diluted earnings per share calculation, as there would be no impact on the current controlling stockholders. The 665,516 non-committed, unearned ESOP shares reduce the number of issued and outstanding common shares and similarly reduce the weighted average number of common shares outstanding. The allocated and committed to be released shares have been included in the weighted average diluted earnings per share calculation, and the amount of compensation for allocated shares is reflected in net income. There are no ESOP units, therefore there is no dilution on the calculation of earnings per unit. The computation of basic and diluted net income per share is presented below.

	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	June 30, 2017		June 30, 2016		June 30, 2017		June 30, 2016
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Numerator
Net income available to common stockholders for basic computation	$	276,926	$	1,761,106	$	2,147,942	$	2,244,205
Denominator
Weighted average number of common shares outstanding for basic computation		13,813,168		14,949,651		13,898,910		14,871,281
Basic net income per share	$	0.02	$	0.12	$	0.15	$	0.15

Weighted average number of common shares outstanding for diluted computation		13,815,035		14,949,651		13,908,359		14,871,281
Diluted net income per share	$	0.02	$	0.12	$	0.15	$	0.15

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

	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	June 30, 2017		June 30, 2016		June 30, 2017		June 30, 2016
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Numerator
Net income available to operating partnership unit holders for basic computation	$	310,795	$	1,977,550	$	2,411,753	$	2,523,428
Denominator
Weighted average number of units outstanding		16,258,691		16,727,791		16,255,708		16,721,417
Basic and diluted net income per unit	$	0.02	$	0.12	$	0.15	$	0.15