EARNINGS PER SHARE INFORMATION

6 Months Ended

Sep. 30, 2011

Notes to Financial Statements

EARNINGS PER SHARE INFORMATION

The calculation of the basic and diluted earnings per share is based on the following data:

	Three months ended						Six months ended
	September 30, 2011			September 30, 2010			September 30, 2011			September 30, 2010
Net loss from continuing operations	$	(146,114,884	)	$	(3,842,708	)	$	(150,443,717	)	$	(6,916,000	)
Net income from discontinued operations		3,245,649			3,286,288			11,899,714			7,231,448
Basic weighted-average common shares outstanding		55,787,554			51,840,015			55,787,554			51,852,447
Effect of dilutive securities
Warrants		—			—			—			—
Stock options		—			—			—			—
Non-vesting share grants		—			—			—			—
Dilutive weighted average common shares outstanding		55,787,554			51,840,015			55,787,554			51,852,447
Basic loss per common share from    continuing operations	$	(2.62	)	$	(0.07	)	$	(2.70	)	$	(0.13	)
Diluted loss per common share from continuing operations	$	(2.62	)	$	(0.07	)	$	(2.70	)	$	(0.13	)
Basic income per common share from discontinued operations	$	0.06		$	0.06		$	0.21		$	0.14
Diluted income per common share from discontinued operations	$	0.06		$	0.06		$	0.21		$	0.14
Total basic income per common share	$	(2.56	)	$	(0.01	)	$	(2.48	)	$	0.01
Total diluted income per common share	$	(2.56	)	$	(0.01	)	$	(2.48	)	$	0.01

 
The diluted weighted average common shares outstanding for the six months ended September 30, 2011 and 2010 does not include the effect of potential conversion of certain warrants and stock options as their effects are anti-dilutive.

The dilutive weighted average common shares outstanding for the six months ended September 30, 2011 and 2010, respectively, does not include the effect of the potential conversion of the Notes because the average market share price the six months ended September 30, 2011 and 2010 was lower than potential conversion price of the convertible notes for this period.

The diluted weighted average common shares outstanding for the six months ended September 30, 2010 does not include the effect of the potential conversion of the Notes because conversion of the Notes is not contingent upon any market event. Rather, the Notes are convertible to common stock upon the first to occur of (a) the tenth New York business day following the Shelf Registration Statement Effective Date and (b) 13 July 2008.