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Note 13 - Earnings / (Loss) Per Share
 12 Months Ended
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.