Earnings Per Common Share

6 Months Ended

Jun. 30, 2013

Earnings Per 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.

	Three Months Ended June 30,					Six Months Ended June 30,
	2013			2012		2013			2012
Basic:
Net (loss) income attributable to common stockholders	$	(13,415,011	)	$	3,782,641	$	(26,137,651	)	$	10,533,257
Weighted average common shares outstanding		37,998,610			29,669,058		37,756,309			29,615,357
Basic earnings per common share	$	(0.35	)	$	0.13	$	(0.69	)	$	0.36
Diluted:
Effect of dilutive securities:
Net (loss) income attributable to common stockholders	$	(13,415,011	)	$	3,782,641	$	(26,137,651	)	$	10,533,257
Adjustments to Income for Dilutive options and warrants		—			—		—			—
		(13,415,011	)		3,782,641		(26,137,651	)		10,533,257
Weighted average common shares outstanding		37,998,610			29,669,058		37,756,309			29,615,357
Effect of Dilutive options and warrants		—			1,476,918		—			532,729
Diluted weighted average common shares outstanding		37,998,610			31,145,976		37,756,309			30,148,086
Diluted earnings per common share	$	(0.35	)	$	0.12	$	(0.69	)	$	0.35

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, 2013 and 2012, outstanding stock options and warrants of 6,216,978 and 3,047,964, 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 six months ended June 30, 2013 and 2012, respectively.

	June 30, 2013		June 30, 2012
Options and warrants to purchase Common Stock		6,216,978		6,998,847