Earnings (loss) per common share
 9 Months Ended
Sep. 30, 2012
Earnings (loss) per common share [Abstract]  
Earnings (loss) per common share
Note 3 - Earnings (loss) per common share

The following table presents the basic and diluted earnings per share computations:

   
Three Months Ended September 30,
  
Nine Months Ended September 30,
 
   
2012
  
2011
  
2012
  
2011
 
Numerator
            
Net income (loss) - basic and diluted
 $(367,077) $(5,244,745) $(11,503,729) $(4,905,194)
Preferred stock dividend and accretion
  221,142   222,281   627,031   660,508 
Net income (loss) available to common
                
shareholders
 $(588,219) $(5,467,026) $(12,130,760) $(5,565,702)
                  
Denominator
                
Weighted average shares outstanding - basic
  4,250,990   4,243,378   4,250,990   4,242,905 
Dilutive effect of common stock options and
                
restricted stock awards
  -   -   -   - 
                  
Weighted average shares outstanding - diluted
  4,250,990   4,243,378   4,250,990   4,242,905 
                  
Earnings (loss) per share - basic and diluted
                
Earnings (loss) per share - basic
 $(0.14) $(1.29) $(2.85) $(1.31)
Effect of dilutive common stock options
  -   -   -   - 
                  
Earnings (loss) per share - diluted
 $(0.14) $(1.29) $(2.85) $(1.31)


Outstanding options and warrants to purchase common stock were considered in the computation of diluted earnings per share for the periods presented. Stock options for 266,530 shares of common stock were not included in computing diluted earnings per share for the three and nine months ended September 30, 2012 because their effects were anti-dilutive. Warrants for 499,029 shares of common stock were not included in computing earnings per share in 2012 and 2011 because their effects were also anti-dilutive.