Note 4 - Income (Loss) Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

 Note 4 – Income (Loss) Per Share

For periods with net income, net income per common share information is computed using the two-class method. Under the two-class method, basic net income per common share is computed by dividing the net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. No such adjustment to earnings is made during periods with a net loss, as the holders of the convertible preferred shares have no obligation to fund losses.

The Company’s calculation of weighted average shares outstanding for the three and nine months ended September 30, 2013 and 2012 is set forth below:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Basic earnings per common share:
Net (loss) income	$	(109,628	)	$	118,484		$	(310,440	)	$	12,751
Portion allocable to common stockholders		100.0	%		99.2	%		100.0	%		99.2	%
Net (loss) income allocable to common stockholders		(109,628	)		117,536			(310,440	)		12,649
Weighted average basic common shares outstanding		31,840,970			31,782,786			31,830,881			31,772,136
Basic (loss) income per common share	$	-		$	-		$	(0.01	)	$	-
Dilutive earnings per common share:
Net (loss) income allocable to common stockholders		(109,628	)		117,536			(310,440	)		12,649
Add: undistributed earnings allocated to participating securities		-			948			-			102
Numerator for diluted earnings per common share		(109,628	)		118,484			(310,440	)		12,751
Weighted average shares outstanding - basic		31,840,970			31,782,786			31,830,881			31,772,136
Diluted effect:
Stock options		-			-			-			-
Restricted stock awards		-			-			-			-
Conversion equivalent of dilutive Series B Convertible Preferred Stock		-			3,307,299			-			3,307,299
Conversion equivalent of dilutive Convertible Preferred Stock		-			255,000			-			255,000
Weighted average dilutive common shares outstanding		31,840,970			35,345,085			31,830,881			35,334,435
Dilutive (loss) income per common share	$	-		$	-		$	(0.01	)	$	-

Diluted net loss per share for the three and nine months ended September 30, 2013 and 2012 do not reflect following potential common shares, as the effect would be antidilutive.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Stock options		645,000		690,000		645,000		690,000
Restricted stock awards		103,000		186,000		103,000		186,000
Convertible preferred stock		3,562,299		-		3,562,299		-
Total		4,310,299		876,000		4,310,299		876,000