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EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2016
Earnings Per Share [Abstract]  
Schedule of reconciliation of basic and diluted earnings per share
The following is a reconciliation of the numerator and denominator for basic and diluted earnings per share for the three months ended March 31, 2016 and 2015: 

 
Three Months Ended March 31,
 
2016
 
2015
Basic Earnings per Share
 
 
 
Numerator:
 
 
 
Net (loss) income available to common shareholders
$
(2,163,774
)
 
$
(16,966,455
)
Denominator:
 
 
 
Weighted-average shares outstanding
29,304,722

 
28,118,396

Basic earnings per share
$
(0.07
)
 
$
(0.60
)
 
 
 
 
Diluted Earnings per Share
 
 
 
Numerator:
 
 
 
Net (loss) income available to common shareholders
$
(2,163,774
)
 
$
(16,966,455
)
Denominator:
 
 
 
Weighted-average shares outstanding
29,304,722

 
28,118,396

Effect of dilutive securities
 
 
 
Stock options and warrants
—

 
—

Preferred stock
—

 
—

Diluted weighted-average shares outstanding
29,304,722

 
28,118,396

Diluted earnings per share
$
(0.07
)
 
$
(0.60
)