Income (Loss) Per Common & Potential Common Share

9 Months Ended

Sep. 30, 2011

INCOME (LOSS) PER COMMON AND POTENTIAL COMMON SHARE [Abstract]

Earnings Per Share [Text Block]

INCOME (LOSS) PER COMMON AND POTENTIAL COMMON SHARE:

The calculation of basic and diluted income (loss) per common and common equivalent share is as follows:

	Nine Months Ended September 30,						Three Months Ended September 30,
	2011			2010			2011			2010
INCOME (LOSS) PER SHARE -Basic
NET INCOME (LOSS)	$	21,544,549		$	(17,215,256	)	$	4,417,241		$	257,622
Less: Preferred stock dividends	(22,500		)	(22,500		)	(7,500		)	(7,500		)
NET INCOME (LOSS) APPLICABLE TO
COMMON STOCK	$	21,522,049		$	(17,237,756	)	$	4,409,741		$	250,122
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING: Basic:	85,998,197			70,987,668			87,269,433			82,010,063
NET INCOME (LOSS) PER COMMON SHARE: Basic	$	0.25		$	(0.24	)	$	0.05		$	0.00
INCOME (LOSS) PER SHARE -Diluted
NET INCOME (LOSS) APPLICABLE TO
COMMON STOCK	$	21,522,049		$	(17,237,756	)	$	4,409,741		$	250,122
Add: Preferred stock dividends	22,500			—			—			—
Less: Fair value of stock warrants for dilutive warrants	(2,790,337		)	—			(5,050,520		)	—
NET INCOME (LOSS) APPLICABLE TO
DILUTIVE COMMON STOCK	$	18,754,212		$	(17,237,756	)	$	(640,779	)	$	250,122
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING: Basic:	85,998,197			70,987,668			87,269,433			82,010,063
Effect of dilutive securities
Dilutive stock awards	1,503,743			—			—			—
Dilutive warrants	3,024,798			—			1,970,813			—
Dilutive preferred share conversions	2,034,972			—			—			—
	6,563,513			—			1,970,813			—
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING - Diluted:	92,561,710			70,987,668			89,240,246			82,010,063
NET INCOME (LOSS) PER COMMON SHARE: Diluted	$	0.20		$	(0.24	)	$	(0.01	)	$	0.00

Basic income (loss) per share is computed by dividing the net income (loss) plus preferred dividends by the weighted-average number of shares of Common Stock outstanding during a period.  The diluted earnings per share calculation gives effect to dilutive options, warrants, convertible notes, convertible preferred stock, and other potential dilutive Common Stock including selected restricted shares of Common Stock outstanding during the period.  Diluted income (loss) per share is based on the treasury stock method and includes the effect from potential issuance of common stock, such as shares issuable pursuant to the exercise of stock options, assuming the exercise of all in-the-money stock options. Common share equivalents have been excluded where their inclusion would be anti-dilutive.   

Shares to be issued upon the exercise of the outstanding options and warrants, convertible preferred stock and selected restricted shares of Common Stock excluded from the income (loss) per share calculation amounted to 17,344,134 and 28,705,906 for the nine months ended September 30, 2011 and 2010, respectively, but were not included in the computation of diluted earnings per share because the awards were anti-dilutive. Shares to be issued upon the exercise of the outstanding options and warrants, convertible preferred stock and selected restricted shares of Common Stock excluded from the income (loss) per share calculation amounted to 4,339,789 and 28,705,906 for the three months ended September 30, 2011, and 2010, respectively, but were not included in the computation of diluted earnings per share because the awards were anti-dilutive.