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Note 5 - Earnings (Loss) Per Share Common Stock (EPS)

3 Months Ended

Jun. 30, 2011

Earnings Per Share [Text Block]

5.             EARNINGS (LOSS) PER SHARE COMMON STOCK (“EPS”)

The Company’s basic EPS is calculated using net income (loss) available to common shareholders and the weighted-average number of shares outstanding during the reporting period. Diluted EPS includes the effect from potential issuance of common stock, such as stock issuable pursuant to the exercise of stock options and warrants and the assumed conversion of convertible notes and preferred stock.

The reconciliation of the numerators of the basic and diluted EPS calculations, due to the inclusion of preferred stock dividends and accretion was as follows for both of the following three and six month periods ended June 30:

		Three Months ended June 30,								Six Months ended June 30,
		2011				2010				2011				2010
Basic Numerator:
Net (loss) income from continuing operations		$	(594,224	)		$	243,816			$	(354,154	)		$	809,055
Convertible preferred stock dividends and accretion			-				(160,499	)			-				(319,234	)
(Loss) income available to common stockholders		$	(594,224	)		$	83,317			$	(354,154	)		$	489,821
Basic Denominator			78,155,413				77,713,398				78,155,413				77,713,398
Per Share Amount		$	(0.01	)		$	0.00	*		$	0.00	*		$	0.01

* Represents less than $0.01

The following table summarizes the potential weighted average shares of common stock that were included in the diluted per share calculation for the three and six month periods ended June 30, 2011, and June 30, 2010.

		Three Months Ended  June 30,								Six Months Ended  June 30,
		2011				2010				2011				2010
Preferred Stock			-				10,185,667				-				10,185,667
Convertible Debt			-				2,459,857				-				2,459,857
Stock Options			-				617,722				-				735,831
Potentially dilutive securities			-				13,263,246				-				13,381,355

		Three Months ended June 30,								Six Months ended June 30,
		2011				2010				2011				2010
Dilutive Numerator:
(Loss) income available to common stockholders (basic EPS)		$	(594,224	)		$	83,317			$	(354,154	)		$	489,821
Convertible preferred stock dividends and accretion			-				160,499				-				319,234
Convertible debt interest recognized			-				164,347				-				326,935
Reversed derivative change in fair market value			-				(170,968	)			-				(869,852	)
Income (loss) available to common stockholders (dilutive EPS)		$	(594,224	)		$	237,195			$	(354,154	)		$	266,138
Dilutive Denominator:			78,155,413				90,976,643				78,155,413				91,094,752
Per Share Amount		$	(0.01	)		$	0.00	*		$	0.00	*		$	0.00	*

* Represents less than $0.01

Items excluded from the diluted per share calculation because the exercise price was greater than the average market price of the common shares:

		Three Months Ended  June 30,								Six Months Ended  June 30,
		2011				2010				2011				2010
Stock options			2,527,140				2,984,258				2,507,140				2,789,258
Warrants			9,986,615				15,369,948				9,986,615				15,369,948
Total			12,513,755				18,354,206				12,493,755				18,159,206

X

- 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

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