EARNINGS PER SHARE (EPS)

6 Months Ended

Sep. 30, 2013

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 loss per share computations, as required under FASB ASC 260.

	Three Months ended September 30,			Three Months ended September 30,			Six Months ended September 30,			Six Months ended September 30,
	2013			2012			2013			2012
Basic EPS
Net Loss	$	(818,670	)	$	(45,020	)	$	(2,242,575	)	$	(751,289	)
Weighted average number of shares outstanding	19,956,871			18,696,846			19,956,871			18,614,112
Basic income (loss) per share	$	(0.04	)	$	(0.00	)	$	(0.11	)	$	(0.04	)
Diluted EPS
Net Loss	$	(818,670	)	$	(45,020	)	$	(2,242,575	)	$	(751,289	)
Dilutive effect of stock options, warrants and preferred stock	—			—			—			—
Diluted weighted average shares	19,956,871			18,696,846			19,956,871			18,614,112
Diluted loss per share	$	(0.04	)	$	(0.00	)	$	(0.11	)	$	(0.04	)

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 six month periods ended September 30, 2013, there were 5,011,341 and 5,359,626 shares, respectively, and for the three and six months ended September 30, 2012 there were 5,808,674 and 6,907,806 shares, respectively, of potentially anti-dilutive stock options, warrants and convertible preferred stock, none of which were included in the EPS calculations above.