Income (Loss) Per Common & Potential Common Share

3 Months Ended

Mar. 31, 2012

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:

	Three Months Ended March 31,
	2012			2011
INCOME (LOSS) PER SHARE -Basic
NET INCOME (LOSS)	$	4,954,393		$	(1,186,887	)
Less: Preferred stock dividends	(7,500		)	(7,500		)
NET INCOME (LOSS) APPLICABLE TO
COMMON STOCK	$	4,946,893		$	(1,194,387	)
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING: Basic:	87,295,985			83,703,219
NET INCOME (LOSS) PER COMMON SHARE: Basic	$	0.06		$	(0.01	)
INCOME (LOSS) PER SHARE -Diluted
NET INCOME (LOSS) APPLICABLE TO
COMMON STOCK	$	4,946,893		$	(1,194,387	)
Add: Preferred stock dividends	—			—
Less: Fair value of stock warrants for dilutive warrants	(6,259,367		)	—
NET INCOME (LOSS) APPLICABLE TO
DILUTIVE COMMON STOCK	$	(1,312,474	)	$	(1,194,387	)
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING: Basic:	87,295,985			83,703,219
Effect of dilutive securities
Dilutive stock awards	—			—
Dilutive warrants	—			—
Dilutive preferred share conversions	—			—
	—			—
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING - Diluted:	87,295,985			83,703,219
NET INCOME (LOSS) PER COMMON SHARE: Diluted	$	(0.02	)	$	(0.01	)

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. The warrants related to the stock warrant liability were first evaluated on an "as if converted" basis; the change in the fair value of the stock warrants recognized in the first quarter was subtracted from earnings to calculate net income (loss) applicable to dilutive common stock. Then, the incremental shares for dilution were determined utilizing the treasury method. Since the average stock price for the quarter was below the exercise price of the warrants, the calculation under the treasury method resulted in repurchasing more shares than would have been exercised and therefore, the inclusion of these shares were deemed to be anti-dilutive and excluded from the dilutive share calculation.

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 to17,399,248 and 19,451,405 for the three months ended March 31, 2012 and 2011, respectively, but were not included in the computation of diluted earnings per share because the awards were anti-dilutive.