EARNINGS PER SHARE (EPS)

3 Months Ended

Jun. 30, 2012

EARNINGS PER SHARE (EPS)

EARNINGS PER SHARE (EPS)

NOTE 17 — EARNINGS PER SHARE (EPS)

Basic EPS is computed by dividing reported earnings available to stockholders by the weighted average shares outstanding. Diluted EPS also includes the effect of dilutive potential common shares. The following table provides a reconciliation of the numerators and denominators reflected in the basic and diluted earnings per share computations, as required under FASB ASC 260.

	June 30,2012			June 30, 2011
Basic EPS
Net (loss) income	$	(706,161	)	$	381,461
Weighted average shares	18,394,577			15,473,293
Basic (loss) income per share	$	(0.04	)	$	0.02
Diluted EPS
Net (loss) income	$	(706,161	)	$	381,461
Dilutive effect of convertible preferred stock, warrants and stock options	—			8,672,203
Diluted weighted average shares	18,394,577			24,153,986
Diluted (loss) income per share	$	(0.04	)	$	0.01

All potential common share equivalents that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the three month periods ended June 30, 2012 and 2011, there were 1,138,059 and 622,000 shares, respectively, of potentially anti-dilutive stock options, warrants and convertible preferred stock, none of which were included in the EPS calculations above.