NET INCOME / (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

NOTE 9 - NET INCOME / (LOSS) PER SHARE

Basic net income per share is calculated by dividing the net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share also includes the weighted average number of outstanding warrants and options in the denominator, as well as the weighted average number of shares of Series C Convertible Preferred Stock on an as converted basis. In the event of a loss, the diluted loss per share is the same as basic loss per share. The weighted average number of diluted shares of common stock outstanding for the three months ended September 30, 2012 included 74,538,448 shares of common stock, 5,000,000 shares of common stock issuable upon the conversion of the Series C Convertible Preferred Stock at $0.25 per share, 14,244,520 shares of common stock issuable upon the exercise of outstanding common stock purchase warrants (all of which are presently out of the money), and ) 1,200,000 shares of common stock issuable upon the exercise of outstanding options to purchase common stock. The following table represents the computation of basic and diluted income and (losses) per share for the three months ended September 30, 2012 and 2011.

	September 30,		September 30,
	2012		2011
Income / (Losses) available for common shareholders	$	467,410	$	290,571
Basic weighted average common shares outstanding		74,538,448		73,346,579
Basic income / (loss) per share	$	0.01	$	0.00
Diluted weighted average common shares outstanding		94,982,968		94,443,009
Diluted income / (loss) per share	$	0.00	$	0.00

    Net income / (loss) per share is based upon the weighted average shares of common stock outstanding.