Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.8.0.1
Earnings Per Share
 9 Months Ended
Sep. 30, 2017
Earnings Per Share  
Earnings Per Share

9.Earnings Per Share:

 

Our basic and diluted earnings per share are computed using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to their participation rights in dividends and undistributed earnings or losses. Non-vested restricted stock awards that include non-forfeitable rights to dividends are considered participating securities. Per share amounts are computed by dividing net income available to common shareholders by the weighted average shares outstanding during each period. Diluted and basic earnings per share are the same because the restricted shares are the only potentially dilutive security.

A reconciliation of the numerators and denominators of the basic and diluted per share computations follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended

 

Three months ended

 

 

 

September 30,

 

September 30,

 

 

    

2017

    

2016

    

2017

    

2016

    

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

3,935

 

$
3,929

 

$

1,341

 

$
1,378

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less distributed and undistributed income allocated to participating securities

 

 

179

 

 
171

 

 

57

 

 
58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Shareholders

 

 

3,756

 

 

3,758

 

 

1,284

 

 

1,320

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares (Basic)

 

 

4,303

 

 

4,537

 

 

4,283

 

 

4,507

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares including assumed conversions (Diluted)

 

 

4,303

 

 

4,537

 

 

4,283

 

 

4,507

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per share

 

$
0.87

 

$
0.83

 

$
0.30

 

$
0.29

 

Diluted net income per share

 

$
0.87

 

$
0.83

 

$
0.30

 

$
0.29