Earnings per Common Share

3 Months Ended

Mar. 31, 2013

Earnings per Common Share [Abstract]

Earnings per Common Share

10. Earnings per Common Share

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

	March 31, 2013			March 31, 2012
Basic:
Net (loss) income attributable to common stockholders	$	(12,722,640	)	$	6,750,616
Weighted average common shares outstanding		37,511,326			29,561,655
Basic earnings per common share	$	(0.34	)	$	0.23
Diluted:
Effect of dilutive securities:
Net (loss) income	$	(12,722,640	)	$	6,750,616
Adjustments to Income for Dilutive options and warrants		—			—
		(12,722,640	)		6,750,616
Weighted average common shares outstanding		37,511,326			29,561,655
Effect of Dilutive options and warrants		—			24,381
Diluted weighted average common shares outstanding		37,511,326			29,586,036
Diluted earnings per common share	$	(0.34	)	$	0.23

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, 2013 and 2012, outstanding stock options and warrants of 6,222,166 and 6,419,130, 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, 2013 and 2012, respectively.

	March 31, 2013		March 31, 2012
Options and warrants to purchase Common Stock		6,222,166		7,076,172