BASIS OF PRESENTATION (Tables)

6 Months Ended

Jun. 30, 2013

BASIS OF PRESENTATION (Tables)

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

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

	For the Three Months					For the Six Months
	Ended June 30,					Ended June 30,
	2013			2012		2013			2012
Net (loss) income	$	(4,463,825	)	$	1,759,918	$	(7,276,132	)	$	4,566,277
Basic weighted-average common shares outstanding		43,579,557			43,571,590		43,579,557			43,550,573
Effect of dilutive securities:
Warrants		-			-		-			-
Options		-			-		-			-
Diluted weighted-average common shares outstanding		43,579,557			43,571,590		43,579,557			43,550,573
Basic (loss) earnings per share	$	(0.10	)	$	0.04	$	(0.17	)	$	0.10
Diluted (loss) earnings per share	$	(0.10	)	$	0.04	$	(0.17	)	$	0.10

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 Six Months
	Ended June 30,				Ended June 30,
	2013		2012		2013		2012
Warrants with exercise prices of $3.00 to $3.80 per share		-		150,000		-		150,000
Options with an exercise price of $2.54 to $3.47 per share		-		50,000		-		50,000
Total		-		200,000		-		200,000