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2. Income (Loss) Per Common Share
 3 Months Ended
Mar. 31, 2015
Net income (loss) per share of common stock:  
Loss Per Common Share

Basic earnings per share is calculated by dividing net income (loss) 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.  Warrants equivalent to approximately 100,000 shares of common stock have been added to the weighted average shares of outstanding common stock at March 31, 2015, to determine the diluted income per share for the quarter ending March 31, 2015.

 

As of March 31, 2015 and 2014, the 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:

 

    For the Three Months Ended  
    3/31/2015     3/31/2014  
Warrants       476,917       2,364,407  
Convertible preferred stock     1,751,005       1,751,005  
Total possible dilution     2,227,922       4,115,412