Income (loss) per common share

6 Months Ended

Jun. 30, 2011

Notes to Financial Statements

Income (loss) per common share

Basic income per common share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding.  Diluted income per common share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding and dilutive common share equivalents using the treasury stock method. No dilutive common share equivalents were included in the calculation because their effect would be anti-dilutive for the three and six month periods ended June 30, 2011 and 2010.

                   Three months ended June 30, 2011

	Income (Numerator)			Shares (Denominator)		Per Share Amount
Basic loss per share
Loss available to common shareholders	$	(1,085,347	)		2,668,205	$	(0.41	)
Effect of dilutive securities
Stock options		-			-
Dilutive loss per share
Loss available to common shareholders plus assumed conversions	$	(1,085,347	)		2,668,205	$	(0.41	)

                                                                  Three months ended June 30, 2010

	Income (Numerator)		Shares (Denominator)		Per Share Amount
Basic income per share
Income available to common shareholders	$	180		2,668,205	$	0.00
Effect of dilutive securities
Stock options		-		-
Dilutive income per share
Income available to common shareholders plus assumed conversions	$	180		2,668,205	$	0.00

Six months ended June 30, 2011

	Income (Numerator)			Shares (Denominator)		Per Share Amount
Basic loss per share
Loss available to common shareholders	$	(1,118,493	)		2,668,205	$	(0.42	)
Effect of dilutive securities
Stock options		—			—
Dilutive loss per share
Loss available to common shareholders plus assumed conversions	$	(1,118,493	)		2,668,205	$	(0.42	)

                                                       Six months ended June 30, 2010

	Income (Numerator)		Shares (Denominator)		Per Share Amount
Basic income per share
Income available to common shareholders	$	32,591		2,668,205	$	0.01
Effect of dilutive securities
Stock options		-		-
Dilutive income per share
Income available to common shareholders plus assumed conversions	$	32,591		2,668,205	$	0.01