BASIS OF PRESENTATION (Tables)

9 Months Ended

Sep. 30, 2012

BASIS OF PRESENTATION (Tables)

Presentation of the numerators and denominators used in the calculation of basic and diluted earnings per share

The following table is a presentation of the numerators and denominators used in the calculation of basic and diluted earnings per share:

	For the Three Months				For the Nine Months
	Ended September 30,				Ended September 30,
	2012		2011		2012		2011
Net income	$	1,295,483	$	4,974,883	$	5,861,760	$	15,147,575
Basic weighted-average common shares outstanding		43,560,305		43,529,557		43,560,305		43,463,165
Effect of dilutive securities:
Warrants		-		-		-		-
Options		-		-		-		-
Diluted weighted-average common shares outstanding		43,560,305		43,529,557		43,560,305		43,463,165
Basic earnings per share	$	0.03	$	0.11	$	0.13	$	0.35
Diluted earnings per share	$	0.03	$	0.11	$	0.13	$	0.35

Potential common shares were not included in the computation of diluted earnings per share

The following potential common shares were not included in the computation of diluted earnings per share as their effect would have been anti-dilutive: 

	For the Three Months				For the Nine Months
	Ended September 30,				Ended September 30,
	2012		2011		2012		2011
Warrants with exercise prices of $3.00 to $3.80 per share		150,000		166,666		150,000		166,666
Options with an exercise price of $2.54 to $3.47 per share		50,000		310,000		50,000		310,000
Total		200,000		476,666		200,000		476,666