Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2011

Earnings (Loss) Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

NOTE 11 — EARNINGS (LOSS) PER SHARE

     Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted net income per common share is computed by dividing net income by the weighted average number of common shares and dilutive potential common share equivalents then outstanding. Potential common share equivalents consist of (i) shares issuable upon the exercise of warrants and options (using the “treasury stock” method), (ii) unvested restricted stock awards (using the “treasury stock” method) and (iii) shares issuable upon conversion of convertible notes using the “if-converted” method.

	Three Months			Three Months			Six Months			Six Months
	Ended			Ended			Ended			Ended
	June 30, 2011			June 30, 2010			June 30, 2011			June 30, 2010
Earnings (loss) for basic earnings from continuing operations per common share :
Net income (loss)	$	869,392		$	(1,208,314	)	$	(930,581	)	$	(5,678,717	)
Earnings (loss) for diluted earnings from continuing operations per common share:
Net income (loss)	$	869,392		$	(1,208,314	)	$	(930,581	)	$	(5,678,717	)
Adjustments to net income (loss) assuming convertible notes payable are converted to common stock:
Reversal of gain on change in derivative associated with convertible notes payable		(1,109,188	)		—			—			—
Write off of unamortized costs of issuing convertible note payable		(2,615,949	)		—			—			—
Reversal of interest expense in connection with convertible notes		265,772			—			—			—
Adjustments’ estimated effect on provision for income taxes		—			—			—			—
Loss available to common stockholders for diluted net loss per share	$	(2,589,973	)	$	(1,208,314	)	$	(930,581	)	$	(5,678,717	)
Earnings (loss) for basic and diluted earnings from discontinued operations per common share :
Net income (loss)	$	146,970		$	(2,117,106	)	$	146,471		$	(4,026,396	)
Shares:
Weighted average shares — basic		111,077,486			39,930,049			101,991,517			38,902,816
Effect of dilutive potential common share equivalents		57,714,063			—			—			—
Weighted average shares, diluted		168,791,549			39,930,049			101,991,517			38,902,816
Earnings (loss) from continuing operations per common share :
Basic	$	0.01		$	(0.03	)	$	(0.01	)	$	(0.15	)
Diluted	$	(0.02	)	$	(0.03	)	$	(0.01	)	$	(0.15	)
Earnings (loss) from discontinued operations per common share :
Basic	$	—		$	(0.05	)	$	—		$	(0.10	)
Diluted	$	—		$	(0.05	)	$	—		$	(0.10	)

The following common shares issuable upon exercise of potential common share equivalents were excluded from the calculation of diluted net income per common share because their effect was antidilutive for the period presented:

	Three months ended
	June 30, 2011
Options and warrants		73,565,337