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Earnings Per Share Data
 6 Months Ended
Jun. 30, 2013
Earnings Per Share Data

11. Earnings Per Share Data

Basic earnings per share is calculated by dividing net income or loss applicable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated by using the weighted-average number of common shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the dilutive potential shares of common stock had been issued. Dilutive potential shares of common stock include convertible preferred stock, options and warrants. The potential dilution for options and warrants is based on the average market price during the period. The average market price of the common stock was $0.06 during the six months ended June 30, 2013. For periods presented, the computation of diluted loss per share excludes the portion of convertible preferred stock, options and warrants that are anti-dilutive.

The following table sets forth the computation of basic and diluted earnings per share:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2012

 

 

2013

 

 

2012

 

 

2013

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

Loss from continuing operations             

$

(581,844

)

 

$

(1,145,630

)

 

$

(905,356

)

 

$

(1,603,427

)

Net loss from discontinued operations             

 

—

 

 

 

—

 

 

 

(81,594

)

 

 

—

 

Net loss applicable to common stockholders - numerator for basic and diluted loss per share             

$

(581,844

)

 

$

(1,145,630

)

 

$

(986,950

)

 

$

(1,603,427

)

Weighted - average common shares and dilutive potential common shares outstanding - denominator for diluted earning per share             

 

  62,355,462

 

 

 

  62,386,490

 

 

 

  61,881,237

 

 

 

  62,386,490

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per common share (basic and diluted):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations             

$

(0.01

)

 

$

(0.02

)

 

 

(0.01

)

 

$

(0.03

)

Discontinued operations             

$

—

 

 

$

—

 

 

 

(0.00

)

 

$

—

 

Net loss             

$

(0.01

)

 

$

(0.02

)

 

 

(0.02

)

 

$

(0.03

)

 

Anti-dilutive securities excluded from diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options             

 

  4,235,835

 

 

 

  5,076,750

 

 

 

  4,298,335

 

 

 

  4,561,195

 

Private warrants             

 

  6,618,068

 

 

 

  6,618,068

 

 

 

  5,670,515

 

 

 

  6,618,068

 

Convertible preferred stock - Series E             

 

  16,000,000

 

 

 

  13,333,333

 

 

 

  16,000,000

 

 

 

  13,333,333