NET INCOME / (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2013

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 March 31, 2013 included 76,520,149 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, 6,950,584 shares of common stock issuable upon the exercise of outstanding common stock purchase warrants (all of which are presently out of the money), and 1,640,000 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 March 31, 2013 and 2012.

	March 31,		March 31,
	2013		2012
Income / (Losses) available for common shareholders	$	587,415	$	719,906
Basic weighted average common shares outstanding		76,520,149		74,293,358
Basic income / (loss) per share	$	0.01	$	0.01
Diluted weighted average common shares outstanding		90,110,733		94,811,940
Diluted income / (loss) per share	$	0.01	$	0.01

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