BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

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