EARNINGS PER SHARE (EPS)

9 Months Ended

Dec. 31, 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.

	Three months ended Dec. 31, 2012			Three months ended Dec. 31, 2011			Nine months ended Dec. 31, 2012			Nine months ended Dec. 31, 2011
Basic EPS
Net Loss	$	(545,487	)	$	(1,148,341	)	$	(1,296,776	)	$	(854,978	)
Weighted average number of shares outstanding	19,089,289			17,072,721			18,773,080			16,364,844
Basic Loss per share	$	(0.03	)	$	(0.07	)	$	(0.07	)	$	(0.05	)
Diluted EPS
Net Loss	$	(545,487	)	$	(1,148,341	)	$	(1,296,776	)	$	(854,978	)
Dilutive effect of stock options, warrants and preferred stock	—			—			—			—
Diluted weighted average shares	19,089,289			17,072,721			18,773,080			16,364,844
Diluted Loss per share	$	(0.03	)	$	(0.07	)	$	(0.07	)	$	(0.05	)

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 and nine month periods ended December 31, 2012 and 2011, there were 5,053,475 and 4,325,006 shares, and 4,734,449 and 12,442,306 shares, respectively, of potentially anti-dilutive stock options, warrants and convertible preferred stock, none of which were included in the EPS calculations above.