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EARNINGS (LOSS) PER SHARE
 6 Months Ended
Jun. 30, 2012
EARNINGS (LOSS) PER SHARE  
EARNINGS (LOSS) PER SHARE

NOTE C — EARNINGS (LOSS) PER SHARE

 

Basic earnings per common share are based upon the weighted average number of shares of common stock (“common shares”) outstanding.  Diluted earnings per share are based upon the weighted average number of common shares outstanding and, when dilutive, common shares issuable for stock options, warrants, and convertible securities.  All earnings per common share for the three-month and six-month periods ended June 30, 2012 have been adjusted for the 5% stock dividend paid on May 14, 2012, to shareholders of record as of April 30, 2012.

 

The following is a reconciliation of net income (loss) and weighted average common shares outstanding for purposes of calculating basic and diluted earnings per share:

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

(Unaudited)

 

(Unaudited)

 

 

 

2012

 

2011

 

2012

 

2011

 

Basic:

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(1,974,121

)

$

586,775

 

$

10,410,139

 

$

6,350,509

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Basic - weighted average common shares outstanding

 

20,427,979

 

20,200,978

 

20,367,065

 

20,185,345

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

$

(0.10

)

$

0.03

 

$

0.51

 

$

0.31

 

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(1,974,121

)

$

586,775

 

$

10,410,139

 

$

6,350,509

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

20,427,979

 

20,200,978

 

20,367,065

 

20,185,345

 

Effect of Dilutive Securities:

 

 

 

 

 

 

 

 

 

Stock options

 

—

 

343,516

 

412,452

 

326,477

 

 

 

20,427,979

 

20,544,494

 

20,779,517

 

20,511,822

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS

 

$

(0.10

)

$

0.03

 

$

0.50

 

$

0.31