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Basic and Diluted (Loss) Earnings per Share
 6 Months Ended
Jun. 30, 2012
Basic and Diluted (Loss) Earnings per Share
 (5) Basic and Diluted (Loss) Earnings per Share

 

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

 

    Three Months Ended June 30,  
    2012     2011  
    Loss     Shares     $ per
Share		     Income     Shares     $ per
Share		  
BASIC (LOSS) EARNINGS PER SHARE                                                
Net (loss) income   $ (2,268,914 )     14,147,049     $ (0.16 )   $ 1,962,495       13,456,310     $ 0.15  
EFFECT OF DILUTIVE SECURITIES                                                
Unvested restricted stock     -       -       -       -       1,065,658       (0.01 )
Unsecured convertible note     -       -       -       28,323       377,640       (0.01 )
DILUTED (LOSS) EARNINGS PER SHARE   $ (2,268,914 )     14,147,049     $ (0.16 )   $ 1,990,818       14,899,608     $ 0.13  

  

    Six months ended June 30,  
    2012     2011  
      Loss       Shares       $ per
Share		       Income       Shares       $ per
Share		  
BASIC (LOSS) EARNINGS PER SHARE                                                
Net (loss) income   $ (3,521,003 )     14,124,380     $ (0.25 )   $ 2,984,422       13,427,997     $ 0.22  
EFFECT OF DILUTIVE SECURITIES                                                
Unvested restricted stock     -       -       -       -       1,022,504       (0.01 )
Unsecured convertible note     -       -       -       56,372       377,640       -  
DILUTED (LOSS) EARNINGS PER SHARE   $ (3,521,003 )     14,124,380     $ (0.25 )   $ 3,040,794       14,828,141     $ 0.21  

 

473,003 shares of unvested restricted stock, 1,532,500 of options to purchase our common stock, and unsecured promissory notes convertible into 366,666 shares of common stock that were outstanding at June 30, 2012 were not included in the computation of diluted net loss per common share for the three and six months ended June 30, 2012, as their inclusion would be anti-dilutive.