Earnings (Loss) Per Share (EPS)

6 Months Ended

Jun. 30, 2012

Earnings (Loss) Per Share (EPS)

3. Earnings (Loss) Per Share (EPS)

Following is the computation of basic and diluted net income (loss) per share for the three and six month periods ended June 30, 2012 and 2011:

	Three Months Ended June 30				Six Months Ended June 30
	2012		2011		2012		2011
Basic weighted average shares outstanding		63,075,122		63,075,122		63,075,122		63,075,122
Effect of dilutive securities – warrants		-		2,594,298		-		1,372,384
Diluted weighted average shares outstanding		63,075,122		65,669,420		63,075,122		64,447,506

Potentially dilutive shares of common stock for the three and six month periods ended June 30, 2011, consisted of 12,900,000 shares of common stock issuable under warrants (none for the three and six month periods ended June 30, 2012).