| Computation of basic and diluted earnings per common share |
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 |
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