EARNINGS PER SHARE (EPS)

3 Months Ended

Jun. 30, 2014

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 endedJune 30, 2014			Three Months endedJune 30, 2013
Basic EPS
Net Loss	$	(1,271,069	)	$	(1,423,905	)
Weighted average number of shares outstanding	24,010,264			19,956,871
Basic loss per share	$	(0.05	)	$	(0.07	)
Diluted EPS
Net Loss	$	(1,271,069	)	$	(1,423,905	)
Dilutive effect of stock options and preferred stock	—			—
Diluted weighted average shares	24,010,264			19,956,871
Diluted loss per share	$	(0.05	)	$	(0.07	)

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, 2014 and 2013, there were  2,192,220 and 506,500 shares, respectively, of potentially anti-dilutive stock options, and convertible preferred stock, none of which were included in the EPS calculations above.