Earnings (loss) per share

12 Months Ended

Dec. 31, 2013

Earnings (loss) per share [Abstract]

Earnings (loss) per share

Note 10. Earnings (loss) per share

The following table presents the basic and diluted earnings per share computations:

	2013			2012			2011
Numerator
Net loss - basic and diluted	$	(4,006,738	)	$	(10,399,000	)	$	(11,820,122	)
Preferred stock dividend and accretion		885,891			878,971			882,882
Net income (loss) available to common shareholders	$	(4,892,629	)	$	(11,277,971	)	$	(12,703,004	)
Denominator
Weighted average shares outstanding - basic		4,335,143			4,250,990			4,243,025
Dilutive effect of common stock options and restricted stock awards		-			-			-
Weighted average shares outstanding - diluted		4,335,143			4,250,990			4,243,025
Earnings (loss) per share - basic and diluted
Loss per share - basic	$	(1.13	)	$	(2.65	)	$	(2.99	)
Effect of dilutive common stock options		-			-			-
Loss per share - diluted	$	(1.13	)	$	(2.65	)	$	(2.99	)

Outstanding options and warrants to purchase common stock and restricted stock awards (see Notes 13 and 14) were considered in the computation of diluted earnings per share for the years presented. Stock options for 85,407, 256,130 and 264,980 shares of common stock were not included in computing diluted earnings per share in 2013, 2012 and 2011, respectively, because their effects were anti-dilutive. Warrants for 499,030 of common stock were not included in computing earnings per share in 2013, 2012 and 2011, because their effects were also anti-dilutive. Restricted stock awards for 5,112, 10,302 and 4,458 were not included in computing diluted earnings per share in 2013, 2012 and 2011, respectively, because their effects were anti-dilutive.