Note 3 - Earnings (Loss) Per Share

3 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

Significant Accounting Policies [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 and preferred stock for the three months ended June 30, 2013 and 2012, and additionally, restricted stock awards for the three months ended June 30, 2012.

The basic loss attributable to common stockholders was computed as follows:

	Three Months Ended June 30,
	2013			2012
Net loss	$	(1,058,474	)	$	(993,637	)
Cumulative dividends		(75,000	)		(7,500	)
Net loss attributable to common shareholders	$	(1,133,474	)	$	(1,001,137	)

There were no dilutive instruments as of June 30, 2013 or 2012 due to the recognition of a net loss for the three-month periods then ended. The weighted average shares outstanding were 13,508,252 and 8,978,252 for the three months ended June 30, 2013 and 2012.