Earnings per Common Share

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2012			2011			2012		2011
Basic:
Net (loss) income attributable to common stockholders	($	19,303,133	)	($	5,123,551	)	$	3,527,187	($	19,241,213	)
Weighted average common shares outstanding		30,071,813			29,561,655			29,768,620		27,904,879
Basic earnings per common share	($	0.64	)	($	0.17	)	$	0.12	($	0.69	)
Diluted:
Effect of dilutive securities:
Net income (loss) attributable to common stockholders	($	19,303,133	)	($	5,123,551	)	$	3,527,187	($	19,241,213	)
Adjustments to Income for Dilutive options and warrants		—			—			—		—
		(19,303,133	)		(5,123,551	)		3,527,187		(19,241,213	)
Weighted average common shares outstanding		30,071,813			29,561,655			29,768,620		27,904,879
Effect of Dilutive options and warrants		—			—			65,958		—
Diluted weighted average common shares outstanding		30,071,813			29,561,655			29,834,578		27,904,879
Diluted earnings per common share	($	0.64	)	($	0.17	)	$	0.12	($	0.69	)

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 nine months ended September 30, 2012 and 2011, there were 6,419,005 and 0, respectively, outstanding stock options or warrants 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 September 30, 2012 and September 30, 2011, respectively.

	September 30, 2012		September 30, 2011
Options and warrants to purchase Common Stock		6,484,963		8,746,189