Note 3 - Earnings (Loss) Per Share

3 Months Ended

Jun. 30, 2011

Earnings Per Share [Text Block]

3.             Earnings (Loss) Per Share

Earnings (loss) per common share (“EPS”) is calculated for basic EPS by dividing net income (loss) available to common stockholders by the weighted average number of vested common shares outstanding during the period.  Diluted EPS reflects the potential dilution that could occur assuming conversion or exercise of all dilutive unconverted or unexercised financial instruments.  Potentially dilutive instruments include warrants, restricted stock awards and preferred stock.

The basic income (loss) available to common stockholders was computed as follows:

	Three Months Ended June 30,
	2011			2010
Net income (loss)	$	(383,534	)	$	446,731
Less cumulative dividends		(7,500	)		(7,500	)
Net income (loss) available to common stockholders	$	(391,034	)	$	439,231

There were no dilutive instruments for the three months ended June 30, 2011 due to the recognition of a net loss for the period.  The outstanding shares used for the diluted EPS were computed as follows:

	June 30,
	2011		2010
Weighted average shares outstanding – basic		8,288,252		8,192,867
Incremental shares from assumed exercise or conversion of dilutive instruments:
Warrants		-		348,434
Restricted stock not vested		-		30,000
Preferred stock		-		500,000
Weighted average shares outstanding – diluted		8,288,252		9,071,301