Earnings per Common Share

6 Months Ended

Jun. 30, 2012

Earnings per Common Share [Abstract]

Earnings per Common Share

9. Earnings per Common Share

The following table reconciles the numerators and denominators of the basic and diluted loss per share computations.

	Three Months Ended June 30,					Six Months Ended June 30,
	2012		2011			2012		2011
Basic:
Net income (loss) attributable to common stockholders	$	2,534,269	$	(5,098,351	)	$	22,830,320	$	(14,117,662	)
Weighted average common shares outstanding		29,669,058		28,998,451			29,615,357		27,062,761
Basic earnings per common share	$	0.09	$	(0.18	)	$	0.77	$	(0.52	)
Diluted:
Effect of dilutive securities:
Net income (loss) attributable to common stockholders	$	2,534,269	$	(5,098,351	)	$	22,830,320	$	(14,117,662	)
Adjustments to Income for Dilutive options and warrants		—		—			—		—
		2,534,269		(5,098,351	)		22,830,320		(14,117,662	)
Weighted average common shares outstanding		29,669,058		28,998,451			29,615,357		27,062,761
Effect of Dilutive options and warrants		1,476,918		0			532,729		0
Diluted weighted average common shares outstanding		31,145,976		28,998,451			30,148,086		27,062,761
Diluted earnings per common share	$	0.08	$	(0.18	)	$	0.76	$	(0.52	)

Basic earnings per common share is calculated using the weighted average shares of Common Stock outstanding during the period. In addition to the weighted average shares of Common Stock outstanding, common equivalent shares from stock options and warrants using the treasury stock method, are included in the diluted per share calculations unless the effect of inclusion would be antidilutive. During the six months ended June 30, 2012 and 2011, outstanding stock options and warrants of 3,047,964 and 9,073,689, respectively, were not included in the computation of diluted earnings per common share, because to do so would have had an antidilutive effect because the outstanding exercise prices were greater than the average market price of the common shares during the relevant periods.

The following is the total outstanding options and warrants at June 30, 2012 and June 30, 2011, respectively.

	June 30, 2012		June 30, 2011
Options and warrants to purchase Common Stock		6,998,847		9,073,689