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Note 13 - Earnings / (Loss) Per Share | 12 Months Ended
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Dec. 31, 2012
Earnings Per Share [Text Block] |
13. | Earnings / (Loss) Per Share
Basic and diluted earnings / (loss) per common share are computed as follows:
|  | 2010 |  |  | 2011 |  |  | 2012 |
Income: |  |  |  |  |  |  |  |  |
Net income/(loss) |  |  | (6,605,850 | ) |  |  | 1,115,989 |  |  |  | (13,198,741 | )
Basic earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares – Outstanding |  |  | 31,636,633 |  |  |  | 31,794,381 |  |  |  | 38,950,100 |
Basic earnings/(loss) per share |  |  | (0.21 | ) |  |  | 0.04 |  |  |  | (0.34 | )
Effect of dilutive securities |  |  |  |  |  |  |  |  |  |  |  |
Non-vested incentive stock awards |  |  | - |  |  |  | 51,699 |  |  |  | - |
Weighted average common shares – Outstanding |  |  | 31,636,633 |  |  |  | 31,846,080 |  |  |  | 38,950,100 |
Diluted earnings /(loss) per share |  |  | (0.21 | ) |  |  | 0.04 |  |  |  | (0.34 | )
During 2010 and 2012, the effect of the non-vested stock awards was anti-dilutive. In June 2012, the Company completed a shareholders rights offering of 13,852,094 shares of common stock at an issue price of $1.10 per share. The earnings/(loss) per share and the weighted average number of shares, basic and diluted, have been adjusted retroactively for years 2010 and 2011 to give effect to the bonus element of the shares associated with the rights offering.

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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=7655603&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=16381557&loc=d3e4984-109258 Reference 3: 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 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=7655603&loc=d3e1278-109256 Reference 5: 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 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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