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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jun. 30, 2012
Depreciation and Amortization Policies on Property Plant and Equipment Other Than Mineral Rights and Construction In Progress | The Company’s depreciation and amortization policies on property, plant and equipment, other than mineral rights and construction in progress, are as follows:
|  | Useful life (in years)
Buildings (including salt pans) |  | 8 - 20
Plant and machinery (including protective shells, transmission channels and ducts) |  | 5 - 8
Motor vehicles |  | 5
Furniture, fixtures and equipment |  | 8
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share:
|  | Three-Month Period Ended June 30, |  |  | Six-Month Period Ended June 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Numerator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 5,688,674 |  |  | $ | 10,023,255 |  |  | $ | 8,975,781 |  |  | $ | 24,388,254 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic: Weighted-average common shares outstanding during the period |  |  | 34,560,743 |  |  |  | 34,729,179 |  |  |  | 34,560,743 |  |  |  | 34,732,527 |
Add: Dilutive effect of stock options |  |  | - |  |  |  | 4,009 |  |  |  | 651 |  |  |  | 395,746 |
Diluted |  |  | 34,560,743 |  |  |  | 34,733,188 |  |  |  | 34,561,394 |  |  |  | 35,128,273 |
Net income per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.16 |  |  | $ | 0.29 |  |  | $ | 0.26 |  |  | $ | 0.70 |
Diluted |  | $ | 0.16 |  |  | $ | 0.29 |  |  | $ | 0.26 |  |  | $ | 0.69 |

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