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Income Per Common Share
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
Income Per Common Share

2.     Income Per Common Share:

 

Basic earnings per share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period.  Diluted earnings per share is calculated based on the weighted average number of common shares outstanding during the period plus the effect of potentially dilutive common stock equivalents, including warrants to purchase the Company's common stock and convertible preferred stock.  Management determined that the calculation of diluted earnings per share for the three and nine months ended September 30, 2011, adds 541,948 and 504,948 shares, respectively, related to common stock purchase warrants.

 

As of September 30, 2011 and 2010, the remaining potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share as their effect would have been anti-dilutive are as follows:

 

   September 30, 2011  September 30, 2010
Warrants   —      941,667 
Convertible preferred stock   1,751,005    2,343,979 
Total possible dilution   1,751,005    3,285,646