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Note 12 - Earnings per common share:
 12 Months Ended
Dec. 31, 2011
Earnings Per Share [Text Block]
12. Earnings per common share:

The following table reconciles the numerators and denominators of the basic and diluted earnings per common share computation:

   
Year ended
December 31,
2011
   
Year ended
December 31,
2010
   
Year ended
December 31,
2009
 
Numerator for basic and diluted earnings per common share:
                 
Income for the year
  $ 6,170,231     $ 2,116,948     $ 12,241,206  
Denominator for basic and diluted earnings per common share:
                       
Basic weighted average number of common shares outstanding
    53,454,675       57,982,248       69,145,001  
Effect of stock options
    2,294,758       1,973,540       1,211,012  
Diluted weighted average number of shares outstanding
    55,749,433       59,955,788       70,356,013  
Basic earnings per common share
  $ 0.12     $ 0.04     $ 0.18  
Diluted earnings per common share
  $ 0.11     $ 0.04     $ 0.17  

Options to purchase 3,148,750 common shares were outstanding during 2011 (2010: 2,937,000; 2009: 3,780,962) but were not included in the computation of diluted income per common share because the options’ exercise price was greater than the average market price of the common shares. The options which expire in years 2012 to 2017 were still outstanding at the end of 2011.