Earnings Per Share
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share

Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per common share is calculated by dividing net income by the weighted average shares outstanding plus share equivalents that would arise from the exercise of share options and the vesting of restricted stock. The computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2016 and 2015 is as follows:

 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2016
 
2015
 
2016
 
2015
Numerator
 
 
 
 
 
 
 
Net income
$
2,362,050

 
$
3,458,705

 
$
4,555,430

 
$
6,104,854

Denominator:
 

 
 
 
 
 
 
Denominator for basic earnings per common share - weighted-average shares
28,617,273

 
29,713,235

 
28,870,692

 
26,710,268

Effect of dilutive securities:
 

 
 
 
 
 
 
Employee stock awards
459,382

 
623,296

 
622,172

 
618,020

Denominator for dilutive earnings per common share
29,076,655

 
30,336,531

 
29,492,864

 
27,328,288

Basic earnings per common share
$
0.08

 
$
0.12

 
$
0.16

 
$
0.23

Diluted earnings per common share
$
0.08

 
$
0.11

 
$
0.15

 
$
0.22



There were no employee stock options and no unvested restricted stock excluded from the calculation of diluted earnings per common share for the three and nine months ended September 30, 2016 and September 30, 2015.

As of September 30, 2016, none of the conditions allowing holders of the Notes to convert have been met and no conversion spread exists. As such, the Notes did not have a dilutive impact on diluted earnings per common share for the three and nine months ended September 30, 2016.