BASIS OF PRESENTATION (Tables)
 9 Months Ended
Sep. 30, 2012
BASIS OF PRESENTATION (Tables)  
Presentation of the numerators and denominators used in the calculation of basic and diluted earnings per share

The following table is a presentation of the numerators and denominators used in the calculation of basic and diluted earnings per share:

 

 

 

For the Three Months

 

 

For the Nine Months

 

 

 

Ended September 30,

 

 

Ended September 30,

 

 

 

2012

 

 

2011

 

 

2012

 

 

2011

 

Net income

 

$

1,295,483

 

 

$

4,974,883

 

 

$

5,861,760

 

 

$

15,147,575

 

Basic weighted-average common shares outstanding

 

 

43,560,305

 

 

 

43,529,557

 

 

 

43,560,305

 

 

 

43,463,165

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Options

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Diluted weighted-average common shares outstanding

 

 

43,560,305

 

 

 

43,529,557

 

 

 

43,560,305

 

 

 

43,463,165

 

Basic earnings per share

 

$

0.03

 

 

$

0.11

 

 

$

0.13

 

 

$

0.35

 

Diluted earnings per share

 

$

0.03

 

 

$

0.11

 

 

$

0.13

 

 

$

0.35

 
Potential common shares were not included in the computation of diluted earnings per share

The following potential common shares were not included in the computation of diluted earnings per share as their effect would have been anti-dilutive: 

 

 

 

For the Three Months

 

 

For the Nine Months

 

 

 

Ended September 30,

 

 

Ended September 30,

 

 

 

2012

 

 

2011

 

 

2012

 

 

2011

 

Warrants with exercise prices of $3.00 to $3.80 per share

 

 

150,000

 

 

 

166,666

 

 

 

150,000

 

 

 

166,666

 

Options with an exercise price of $2.54 to $3.47 per share

 

 

50,000

 

 

 

310,000

 

 

 

50,000

 

 

 

310,000

 

Total

 

 

200,000

 

 

 

476,666

 

 

 

200,000

 

 

 

476,666