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NET INCOME (LOSS) PER SHARE | 3 Months Ended | 9 Months Ended | 12 Months Ended
--- | --- | --- | ---
Mar. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2010
NET INCOME (LOSS) PER SHARE |
6. | NET INCOME (LOSS) PER SHARE
Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income attributable to common stockholders by the sum of weighted average number of shares of common stock and the dilutive potential common stock equivalents then outstanding. Potential common stock equivalents consist of stock options, warrants and convertible preferred stock and accumulated dividends. Since the Company has a net loss for the three months ended March 31, 2011, the inclusion of common stock equivalents in the computation would be antidilutive. Accordingly, basic and diluted net loss per share are the same for the three months ended March 31, 20011. The following table sets forth the shares and net income used in the diluted earnings per share computation for the three months ended March 31, 2010:
Numerator: |  |  |
Net income available to common stockholders used in basic earnings per share calculation |  | $ | 4,693,487 |
Derivative gain recorded on dilutive warrants |  |  | (2,340,515 | )
Dividends on convertible preferred stock |  |  | 656,635 |
Net income available to common stockholders used in diluted earnings per share calculation |  | $ | 3,009,607 |
Denominator: |  |  |  |
Weighted average shares of common stock used in the computation of basic earnings per share |  |  | 522,350 |
Dilutive effect of stock options |  |  | 26,430 |
Dilutive effect of warrants to purchase common stock |  |  | 79,646 |
Dilutive effect of convertible preferred stock |  |  | 253,435 |
Shares used in computation of diluted earnings per share |  |  | 881,861 |
The following potentially dilutive securities have been excluded from the computation of diluted net income (loss) per share since their inclusion would be antidilutive:
|  | Three Months Ended March 31, |
|  | 2011 |  |  | 2010 |
Stock options |  |  | 49,227 |  |  |  | 3,970 |
Warrants |  |  | 315,170 |  |  |  | 43,349
| 13. NET LOSS PER SHARE Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss, as adjusted, by the sum of the weighted average number of shares of common stock and the dilutive potential common stock equivalents then outstanding. Potential common stock equivalents consist of stock options and convertible debt. Since there is a net loss attributable to common stockholders for the nine months ended September 30, 2011 and 2010 and the years ended December 31, 2010 and 2009, the inclusion of common stock equivalents in the computation for those periods would be antidilutive. Accordingly, basic and diluted net loss per share is the same for all periods presented. The following potentially dilutive securities have been excluded from the computation of diluted net loss per share since their inclusion would be antidilutive:
|  | Nine Months Ended September 30, (unaudited) |  |  | Twelve Months Ended December 31, |  |  | Cumulative Development- Stage Period from November 7, 2002 (inception) through December 31, |
|  | Consolidated 2011 |  |  | 2010 |  |  | 2010 |  |  | 2009 |  |  | 2010 |
Convertible debt |  |  | — |  |  |  | 3,547,198 |  |  |  | 3,646,370 |  |  |  | — |  |  |  | 3,646,370 |
Warrants |  |  | 7,327,322 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Stock options |  |  | 3,632,638 |  |  |  | 775,853 |  |  |  | 769,189 |  |  |  | 991,736 |  |  |  | 769,189
| 9. NET INCOME (LOSS) PER SHARE Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net loss attributable to common stockholders, as adjusted, by the sum of the weighted average number of shares of common stock and the dilutive potential common stock equivalents then outstanding. Potential common stock equivalents consist of stock options, warrants and convertible preferred stock and accumulated dividends. Since the Company has a net loss attributable to common stockholders for the years ended December 31, 2010 and 2009, the inclusion of common stock equivalents in the computation for those periods would be antidilutive. Accordingly, basic and diluted net loss per share is the same for the periods presented. The following potentially dilutive securities have been excluded from the computation of diluted net income (loss) per share since their inclusion would be antidilutive:
|  | Year Ended December 31, |
|  | 2010 |  |  | 2009 |
Stock options |  |  | 50,074 |  |  |  | 60,260 |
Warrants |  |  | 356,925 |  |  |  | 232,164 |
Conversion of preferred stock |  |  | 2,042,108 |  |  |  | 329,451 | (1)
(1) Includes shares of common stock that may become issuable upon conversion of preferred stock dividends accumulated at the respective date.

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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 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256 Reference 2: 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=6945512&loc=d3e4984-109258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: 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=6920599&loc=d3e1278-109256 Reference 5: 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 6: 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=6880815&loc=d3e20235-122688 + Details
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