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BASIS OF PRESENTATION (Tables)

3 Months Ended

Mar. 31, 2013

BASIS OF PRESENTATION (Tables)

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

The following table is a presentation of the numerators and denominators used in the calculation of basic and diluted earnings per share:

	For the Three Months
	Ended March 31,
	2013		2012
Net (loss) income	$ (2,812,307)		$ 2,806,359
Basic weighted-average common shares outstanding	43,579,557		43,529,557
Effect of dilutive securities:
Warrants	-		-
Options	-		-
Diluted weighted-average common shares outstanding	43,579,557		43,529,557
Basic (loss) earnings per share	$ (0.06)		$ 0.06
Diluted (loss) earnings per share	$ (0.06)		$ 0.06

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

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

	For the Three Months
	Ended March 31,
	2013		2012
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	25,000		310,000
Total	175,000		460,000