Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.5.0.2
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.

   
Three months
 
Six months
   
ended June 30,
 
ended June 30,
   
2016
 
2015
 
2016
 
2015
Basic weighted average common shares outstanding
 
5,399,342
 
5,374,863
 
5,394,345
 
5,372,293
Effect of dilutive shares
 
13,903
 
15,958
 
13,908
 
13,255
Diluted weighted average common shares outstanding
 
5,413,245
 
5,390,821
 
5,408,253
 
5,385,548

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:

   
Three months
   
Six months
 
   
ended June 30,
   
ended June 30,
 
   
2016
   
2015
   
2016
   
2015
 
Earnings per share:
                       
Basic – as reported
 
$
1.11
   
$
1.02
   
$
2.32
   
$
1.99
 
Basic – pro forma
 
$
0.55
   
$
0.51
   
$
1.16
   
$
1.00
 
Diluted – as reported
 
$
1.10
   
$
1.02
   
$
2.32
   
$
1.99
 
Diluted – pro forma
 
$
0.55
   
$
0.51
   
$
1.16
   
$
0.99
 
Weighted average common shares outstanding:
                               
Basic – as reported
   
5,399,342
     
5,374,863
     
5,394,345
     
5,372,293
 
Basic – pro forma
   
10,798,684
     
10,749,726
     
10,788,691
     
10,744,586
 
Diluted – as reported
   
5,413,245
     
5,390,821
     
5,408,253
     
5,385,548
 
Diluted – pro forma
   
10,826,490
     
10,781,642
     
10,816,507
     
10,771,096