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EARNINGS (LOSS) PER SHARE | 9 Months Ended
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Sep. 30, 2014
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 have been adjusted for the 5% stock dividend paid on May 14, 2013, to shareholders of record as of April 30, 2013. 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 |  | Nine Months Ended |
|  | September 30, |  | September 30, |
|  | (Unaudited) |  | (Unaudited) |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Basic: |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |
Net loss |  | $ | (4,009,477 | ) | $ | (3,951,687 | ) | $ | (3,761,777 | ) | $ | (1,604,244 | )
Denominator: |  |  |  |  |  |  |  |  |
Basic - weighted average common shares outstanding |  | 21,957,167 |  | 21,832,831 |  | 21,956,804 |  | 21,805,692 |
Basic EPS |  | $ | (0.18 | ) | $ | (0.18 | ) | $ | (0.17 | ) | $ | (0.07 | )
Diluted: |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |
Net loss |  | $ | (4,009,477 | ) | $ | (3,951,687 | ) | $ | (3,761,777 | ) | $ | (1,604,244 | )
Denominator: |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  | 21,957,167 |  | 21,832,831 |  | 21,956,804 |  | 21,805,692 |
Effect of Dilutive Securities: |  |  |  |  |  |  |  |  |
Stock options |  | — |  | — |  | — |  | — |
|  | 21,957,167 |  | 21,832,831 |  | 21,956,804 |  | 21,805,692 |
Diluted EPS |  | $ | (0.18 | ) | $ | (0.18 | ) | $ | (0.17 | ) | $ | (0.07 | )

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
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