Income (Loss) Per Common & Potential Common Share

9 Months Ended

Sep. 30, 2012

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

INCOME (LOSS) PER COMMON AND POTENTIAL COMMON SHARE

INCOME PER COMMON AND POTENTIAL COMMON SHARE:

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

	Nine Months Ended September 30,						Three Months Ended September 30,
	2012			2011			2012		2011
INCOME PER SHARE -Basic
NET INCOME	$	7,285,932		$	21,544,549		$	388,729	$	4,417,241
Less: Preferred stock dividends	—			(22,500		)	—		(7,500		)
NET INCOME APPLICABLE TO
COMMON STOCK	$	7,285,932		$	21,522,049		$	388,729	$	4,409,741
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING: Basic:	87,310,752			85,998,197			87,330,865		87,269,433
NET INCOME PER COMMON SHARE: Basic	$	0.08		$	0.25		$	—	$	0.05
INCOME PER SHARE -Diluted
NET INCOME APPLICABLE TO
COMMON STOCK	$	7,285,932		$	21,522,049		$	388,729	$	4,409,741
Add: Preferred stock dividends	—			22,500			—		—
Less: Fair value of stock warrants for dilutive warrants	(5,399,569		)	(2,790,337		)	—		(5,050,520		)
NET INCOME APPLICABLE TO
DILUTIVE COMMON STOCK	$	1,886,363		$	18,754,212		$	388,729	$	(640,779	)
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING: Basic:	87,310,752			85,998,197			87,330,865		87,269,433
Effect of dilutive securities
Dilutive stock awards	1,012			1,503,743			72,362		—
Dilutive warrants	—			3,024,798			—		1,970,813
Dilutive preferred share conversions	1,139,600			2,034,972			1,139,600		—
	1,140,612			6,563,513			1,211,962		1,970,813
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING - Diluted:	88,451,364			92,561,710			88,542,827		89,240,246
NET INCOME PER COMMON SHARE: Diluted	$	0.02		$	0.20		$	0.00	$	(0.01	)

Basic income per share is computed by dividing the net income 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 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 three and nine months ended was subtracted from earnings to calculate net income 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 or the conversion of the Notes, convertible preferred stock and selected restricted shares of Common Stock excluded from the income per share calculation amounted to 15,582,548 and 17,344,134 for the nine months ended September 30, 2012, and 2011, 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 per share calculation amounted to 15,406,081 and 4,339,789 for the three months ended September 30, 2012 and 2011, respectively, but were not included in the computation of diluted earnings per share because the awards were anti-dilutive.