EARNINGS PER SHARE (EPS)

3 Months Ended

Jun. 30, 2015

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 convertible preferred stock, warrants, and stock options that would be dilutive. 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.

	Three Months ended June 30, 2015		Three Months ended June 30, 2014
Basic EPS
Net Income (Loss)	$	206,351	$	(1,271,069	)

Weighted average shares	24,867,019		24,010,264

Basic Income (Loss) per share	$	0.01	$	(0.05	)

Diluted EPS
Net Income (Loss)	$	206,351	$	(1,271,069	)
Dilutive effect of convertible preferred stock, stock options and restricted shares	—		—

Diluted weighted average shares	24,867,019		24,010,264

Diluted Income (Loss) per share	$	0.01	$	(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 months ended June 30, 2015, there were 2,693,909 of potential common share equivalents that were out-of-the-money and were not included in the EPS calculations above. For the three months ended June 30, 2014, there were 2,192,220, of potentially anti-dilutive stock options and convertible preferred stock, none of which were included in the EPS calculations above.