SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2012

Summary Of Significant Accounting Policies Tables

Earnings Per Share

The numerators and denominators used in the computations of basic and diluted EPS are presented in the following table.  

	Year Ended December 31,
	2012			2011
NUMERATOR FOR BASIC AND DILUTED EPS
Net income (numerator for Diluted EPS)	$	18,170,132		$	13,205,170
Net income allocated to Preferred Stock holders		(377,718	)		(480,668	)
Net income allocated to Common Stock holders		17,792,414			12,724,502
DENOMINATORS FOR BASIC AND DILUTED EPS
Weighted average Common Stock outstanding		26,107,264			25,690,402
DENOMINATOR FOR BASIC EPS		26,107,264			25,690,402
Add: Weighted average Preferred Stock, as if converted		554,236			971,098
Add: Weighted average stock warrants outstanding		-
DENOMINATOR FOR DILUTIVED EPS		27,229,042			26,661,500
EPS - Basic	$	0.68		$	0.50
EPS - Diluted	$	0.68		$	0.50

Estimated useful lives

Property, plant and equipment are depreciated over their estimated useful lives as follows: 

Buildings	20-30 years
Machinery and equipment	5-10 years
Furniture and office equipment	3-5 years
Motor vehicles	5 years