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EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2012
EARNINGS PER SHARE  
EARNINGS PER SHARE

NOTE 11. EARNINGS PER SHARE

 

Earnings per share, “EPS”, have been computed pursuant to the provisions of ASC Topic 260 “Earnings Per Share”.  The computation of basic EPS is calculated by dividing net income available to common shareholders from continuing operations, adjusted for preferred dividends, by the weighted-average number of common shares outstanding during the period.  Shares issued during the period shall be weighted for the portion of the period that they were outstanding.   As of June 30, 2012, we have 3,353,954 shares of Series A 10.0% Cumulative Convertible Preferred Stock, which are outstanding.  These shares may be converted into common stock at 90.0% of the average daily closing price of the common stock for the prior 20 trading days.  These are considered in the computation of diluted earnings per share if the effect of applying the if-converted method is dilutive.  As of June 30, 2012, we have 1,000 shares of stock options outstanding, which will expire January 1, 2015 if not exercised.  The outstanding options are considered in the computation of diluted earnings per share if the effect of applying the “treasury stock” method is dilutive.  The stock options were anti-dilutive and thus not included in the EPS calculation.  The preferred stock was included in the EPS calculation for the three months ended June 30, 2012 and 2011, but was excluded from the EPS calculation for the six months ended June 30, 2012 and 2011 because the effect of their inclusion would be anti-dilutive.