INCOME (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2012

INCOME (LOSS) PER SHARE

INCOME (LOSS) PER SHARE

NOTE 16 — INCOME (LOSS) PER SHARE

Basic income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding.  Diluted income (loss) per share is computed by dividing net loss by the weighted-average number of common shares outstanding and dilutive common share equivalents using the treasury stock method.  Potentially dilutive common share equivalents include common shares issuable upon the exercise of outstanding stock options and warrants.

Basic and diluted loss per share are computed below for the three months ended March 31, 2012 and 2011:

	2012		2011
Basic loss per share computation:
Net income (loss) available to common shareholders	$	23,687	$	(4,466,457	)
Average common shares outstanding - basic	4,044,186		4,086,245
Basic net income (loss) per share	$	.01	$	(1.09	)
Diluted loss per share computation:
Net income (loss) available to common shareholders	$	23,687	$	(4,466,457	)
Average common shares outstanding - basic	4,044,186		4,086,245
Incremental shares from assumed conversions: Stock options and warrants	—		—
Average common shares outstanding - diluted	4,044,186		4,086,245
Diluted loss per share	$	.01	$	(1.09	)

For the period ended March 31, 2012, there were no stock options that were anti-dilutive compared to 713,488 stock options outstanding that were anti-dilutive for the period ended March 31, 2011.  At March 31, 2012 and 2011, there were 571,821 warrant shares outstanding that were anti-dilutive.  Options and warrants are considered anti-dilutive because the exercise price exceeded the average market price for the period.