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Earnings (Loss) Per Common Share
 12 Months Ended
Dec. 31, 2011
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
Note 20. Earnings (Loss) Per Common Share

 

Basic earnings (loss) per share represents income (loss) available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance.

 

Potential common shares that may be issued by Cornerstone relate to outstanding stock options, determined using the treasury stock method.

 

Earnings (loss) per common share have been computed based on the following:

 

    2011     2010     2009  
                   
Net income (loss)   $ 1,030,052     $ (4,707,521 )   $ (8,178,639 )
Less:  Preferred stock dividend requirements     651,119       34,463       -  
Less:  Preferred stock accretion     36,718       -       -  
                         
Net income (loss) applicable to common stock   $ 342,215     $ (4,741,984 )   $ (8,178,639 )
                         
Average number of common shares outstanding     6,500,396       6,500,396       6,500,396  
                         
Effect of dilutive stock options     -       -       -  
                         
Average number of common shares outstanding used to calculate diluted earnings (loss) per common share     6,500,396       6,500,396       6,500,396  

 

The effects of outstanding antidilutive stock options are excluded from the computation of diluted earnings (loss) per common share. There were 672,850, 621,150 and 899,925 antidilutive stock options for 2011, 2010 and 2009, respectively.