Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share

3. Earnings Per Share

The Company calculates its earnings per share in accordance with ASC 260-10, “Earnings Per Share.” There were 50,646,879 and 50,628,088 weighted average shares outstanding for the three and nine months ended September 30, 2013, respectively, and 50,611,879 weighted average shares outstanding for the three and nine months ended September 30, 2012. In addition, there were 0 and 30,311 weighted average shares related to stock options exercisable for the three months and nine months ended September 30, 2013 that were not included in the computation of diluted earnings per share because to do so would have been antidilutive as the Company had a net loss. All such stock options either were exercised or expired during the three months ended June 30, 2013. The effect of the stock options exercised is included in the calculation of weighted average shares outstanding for the nine months ended September 30, 2013. There were 55,000 weighted average shares related to stock options exercisable for the three and nine months ended September 30, 2012, that were not included in the computation of diluted earnings per share because to do so would have been antidilutive as the Company had a net loss.