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Basic and Diluted (Loss) Earnings per Share
 3 Months Ended
Mar. 31, 2012
Basic and Diluted (Loss) Earnings per Share
(4) Basic and Diluted (Loss) Earnings per Share

 

Basic and diluted net (loss) earnings per common share are computed as follows:

 

    Three Months Ended March 31,  
    2012     2011  
              $ per                 $ per  
     Income     Shares     Share     Income     Shares     Share  
                                     
BASIC (LOSS) EARNINGS PER SHARE                                                
Net (loss) income   $ (1,252,089 )     14,101,711     $ (0.09 )   $ 1,021,926       13,399,683     $ 0.08  
EFFECT OF DILUTIVE SECURITIES                                                
Unvested restricted stock     -       -       -       -       979,352       (0.01 )
Unsecured convertible note     -       -       -       -       -          
DILUTED (LOSS) EARNINGS PER SHARE   $ (1,252,089 )     14,101,711     $ (0.09 )   $ 1,021,926       14,379,035     $ 0.07  

 

490,402 shares of unvested restricted stock and unsecured promissory notes convertible into 366,666 shares of common stock that were outstanding at March 31, 2012 were not included in the computation of diluted net loss per common share for the three months ended March 31, 2012, as their inclusion would be anti-dilutive. 

 

Unsecured promissory notes convertible into 366,666 shares of common stock that were outstanding at March 31, 2011 were not included in the computation of diluted net income per common share for the three months ended March 31, 2011, as their inclusion would be anti-dilutive.