EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2014

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

7. Earnings Per Share

Basic earnings per share are computed based on the weighted average number of shares of common stock outstanding during the year.  Diluted earnings per share take common stock equivalents (such as options and warrants) into consideration using the treasury stock method.  The Company distributed warrants as a dividend to stockholders as of the record date, March 23, 2012.  The Company had 7,911,726 and 7,960,775 warrants outstanding with an exercise price of $4.00 at December 31, 2014 and 2013, respectively. During the year ending December 31, 2014, 476,989 shares were excluded from the dilutive weighted average share calculation because the shares would have had an anti-dilutive effect. The dilutive effect of the warrants for the twelve months ended December 31, 2014 and 2013 is presented below.

	December 31,
	2014			2013
Net income (loss)	$	(1,947,940	)	$	1,278,997
Weighted average common stock outstanding		8,095,731			8,062,167
Weighted average dilutive effect of stock warrants		-			323,086
Dilutive weighted average shares		8,095,731			8,385,253
Earnings (loss) per share:
Basic	$	(0.24	)	$	0.16
Diluted	$	(0.24	)	$	0.15