Earnings Per Share
|6 Months Ended|
Jun. 30, 2016
|Earnings Per Share [Abstract]|
|Earnings Per Share||
(4) Earnings Per Share
Basic earnings per share (“EPS”) has been computed by dividing net income by the weighted average number of shares of common stock outstanding during each period. Shares issued during the period are weighted for the portion of the period that they were outstanding. Our calculation of diluted earnings per common share includes the dilutive effects for an assumed vesting of restricted stock awards.
Stock Split Effected In Form of Stock Dividend
In May 2016, our Board of Directors approved a two-for-one stock split effected in the form of a stock dividend (“Stock Split”). The Stock Split had a record date of July 20, 2016 and share distribution will occur on August 3, 2016. All references made to share or per share amounts in the accompanying unaudited consolidated financial statements and applicable disclosures are presented on a pre-split basis. As a result of the Stock Split, all historical per share data and number of shares outstanding presented in future financial statements will be retroactively adjusted. Upon completion of the Stock Split, the number of issued and outstanding shares will increase from approximately 5.4 million to 10.8 million.
Pro forma earnings per share is as follows, giving retroactive effect to the stock split:
The entire disclosure for earnings per share.
Reference 1: http://www.xbrl.org/2003/role/presentationRef