EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2011

EARNINGS PER SHARE

NOTE 19 EARNINGS PER SHARE

Basic earnings per common share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted income per common share is computed similarly to basic income per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued.

The following table is a reconciliation of the net income and the weighted average shares used in the computation of basic and diluted earnings per share for the periods presented:

	Year ended December 31,
	2011		2010		2009
Income available to common stockholders:
- Basic and diluted	$	53,133,533	$	38,465,975	$	13,732,698
Weighted average number of shares:
- Basic		29,816,871		27,956,451		17,822,890
- Effect of dilutive securities - warrants, options and convertible preferred stock		259,259		714,912		1,305,341
- Diluted		30,076,130		28,671,363		19,128,231
Net income per share
- Basic	$	1.78	$	1.38	$	0.77
- Diluted	$	1.77	$	1.34	$	0.72