Earnings per Common Share

3 Months Ended

Mar. 31, 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.

	Restated March  31, 2012		March 31, 2011
Basic:
Net income (loss) attributable to common stockholders	$	6,750,616	$	(9,019,311	)
Weighted average common shares outstanding		29,561,655		25,105,563
Basic earnings per common share	$	0.23	$	(0.36	)
Diluted:
Effect of dilutive securities:
Net income (loss)	$	6,750,616	$	(9,019,311	)
Adjustments to Income for Dilutive options and warrants		—		—
		6,750,616		(9,019,311	)
Weighted average common shares outstanding		29,561,655		25,105,563
Effect of Dilutive options and warrants		24,381		—
Diluted weighted average common shares outstanding		29,586,036		25,105,563
Diluted earnings per common share	$	0.23	$	(0.36	)

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 three months ended March 31, 2012 and 2011, outstanding stock options and warrants of 6,419,130 and 9,798,512, 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 for the three months ended March 31, 2012 and 2011, respectively.

	March 31, 2012		March 31, 2011
Options and warrants to purchase Common Stock		7,076,172		9,798,512