24. Earnings Per Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

In viewing our earnings per share for the twelve months ended December 31, 2012 and 2011, there are four considerations: (i) the weighted average shares outstanding used to calculate basic and diluted EPS for periods prior to the date of the LE Acquisition was 8,426,456, which takes into account the exchange ratio in the reverse merger between Blue Dolphin and LE, compared to 1 as previously reported, (ii) basic and diluted EPS have been presented on the statements of operations on a continuing and discontinued operations basis due to discontinued operations in 2012 (iii) diluted EPS for the twelve months ended December 31, 2012 excludes stock options outstanding as they would be anti-dilutive and (iv) diluted EPS for the twelve months ended December 31, 2011 excludes stock options as LE had no stock options. See “Note (14) Discontinued Operations” of this report for additional disclosures related to discontinued operations.

For the twelve months ended December 31, 2012, the weighted average number of common shares was computed as LE’s number of common shares outstanding from the beginning of the period to the date of the LE Acquisition combined with Blue Dolphin’s number of common shares outstanding from the date of the LE Acquisition to the end of the period. For all periods prior to the date of the LE Acquisition, the weighted average number of common shares was computed as LE’s one member unit prior to the LE Acquisition multiplied by the exchange ratio of 8,426,456 shares for the one member unit.

The following table provides reconciliation between basic and diluted income (loss) per share on a continuing and discontinued operations basis:

	Twelve Months Ended December 31,
	2012			2011
Income (loss) from continuing operations, net of tax	$	(13,841,066	)	$	183,854
Loss from discontinued operations, net of tax		(4,443,566	)		-
Net income (loss)		(18,284,632	)		183,854
Basic and diluted earnings (loss) per common share
Continuing operations	$	(1.35	)	$	0.02
Discontinued operations	$	(0.43	)	$	-
Basic and diluted earnings (loss) per common share	$	(1.78	)	$	0.02
Basic and Diluted
Weighted average number of shares of common stock
outstanding and potential dilutive shares of common stock		10,284,152			8,426,456