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BASIS OF PRESENTATION (Tables)

12 Months Ended

Dec. 31, 2012

BASIS OF PRESENTATION (Tables)

Presentation of the numerators and denominators used in the calculation of basic and diluted earnings per share

Diluted earnings per share are calculated to give effect to potentially issuable dilutive common shares.

	For the Years Ended
	December 31,
	2012		2011
Net income	$ 4,617,659		$ 19,269,642
Basic weighted-average common shares outstanding	43,579,557		43,479,899
Effect of dilutive securities:
Warrants	-
Options	-
Diluted weighted-average common shares outstanding	43,579,557		43,479,899
Basic earnings per share	$ 0.11		$ 0.44
Diluted earnings per share	$ 0.11		$ 0.44

Potential common shares were not included in the computation of diluted earnings per share

Potential common shares were not included in the computation of diluted earnings per share as their effect would have been anti-dilutive as follows:

	For the Years Ended
	December 31,
	2012		2011
Warrants with exercise prices of $3.00 to $3.80 per share	150,000		150,000
Options with an exercise price of $2.54 to $3.47 per share	50,000		310,000
Total	200,000		460,000