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EARNINGS (LOSS) PER SHARE | 12 Months Ended
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Dec. 31, 2011
EARNINGS (LOSS) PER SHARE [Abstract] |
EARNINGS (LOSS) PER SHARE |
15. | EARNINGS (LOSS) PER SHARE
Basic earnings per share ("EPS") are computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted-average number of common shares and dilutive common stock equivalents (i.e., stock options, warrants) outstanding during the period. For the year ended December 31, 2011 and 2010, the Company had a net loss, thus any effect of common stock equivalents outstanding would be antidilutive. For the years ended December 31, 2011 and 2010, the Company had 400,000 restricted shares and 16,700 restricted shares outstanding, which were included in the total common shares issued and outstanding as at December 31, 2011 and 2010, respectively.
All figures in USD |  | 2011 |  |  | 2010 |  |  | 2009 |
Numerator: |  |  |  |  |  |  |  |  |
Net Income (Loss) |  |  | (72,298,337 | ) |  |  | (809,130 | ) |  |  | 1,012,240 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Basic - Weighted Average Common Shares Outstanding |  |  | 47,159,402 |  |  |  | 46,551,564 |  |  |  | 40,449,522 |
Dilutive Effect of Stock Options * |  |  | – |  |  |  | – |  |  |  | – |
Dilutive – Weighted-Average Common Shares Outstanding |  |  | 47,159,402 |  |  |  | 46,551,564 |  |  |  | 40,449,522 |
Income (Loss) per Common Share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | (1.53 | ) |  |  | (0.02 | ) |  |  | 0.03 |
Diluted |  |  | (1.53 | ) |  |  | (0.02 | ) |  |  | 0.03 |
* | In August 2009, the Company announced that it had cancelled all outstanding stock options. Following the cancellation described in Note 11, there is no more outstanding stock option under the Plan.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 + Details
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