Income (Loss) Per Common Share

12 Months Ended

Dec. 31, 2012

Income (Loss) Per Common Share

Income (Loss) Per Common Share

13. Income (Loss) Per Common Share

The following is a reconciliation of the numerators and denominators used in computing income (loss) per share:

	2012			2011			2010
Net loss	$	(91,991,355	)	$	(15,845,382	)	$	(30,844,897	)
Weighted-average number of shares of Common Stock – basic	44,147,787			44,788,551			39,397,486
Loss per share – basic	$	(2.08	)	$	(0.35	)	$	(0.78	)
Weighted-average number of shares of Common Stock – diluted	44,147,787			44,788,551			39,397,486
Loss per share – diluted	$	(2.08	)	$	(0.35	)	$	(0.78	)

The numerator for basic earnings per share is income (loss) available to common stockholders.  The numerator for diluted earnings per share is net loss available to common stockholders, due to antidilution.

Potential dilutive securities (stock options, stock warrants and convertible preferred stock) have not been considered since we reported a net loss and, accordingly, their effects would be antidilutive.  The potentially dilutive shares would have been 560,469 shares, 82,634 shares and 95,967 shares in 2012, 2011 and 2010, respectively.