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Note 4 - Earnings (Loss) Per Share Common Stock (EPS)
 9 Months Ended
Sep. 30, 2012
Earnings Per Share [Text Block]
4.                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. For the three and nine months ended September 30, 2012 and 2011, diluted per share computations are not presented since this effect would be antidilutive.

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

   
Three Months ended
September 30,
   
Nine Months ended
September 30,
 
   
2012
   
2011
   
2012
   
2011
 
Basic Numerator:
                       
                         
(Loss) available to common stockholders
  $ (232,609 )   $ (540,165 )   $ (482,530 )   $ (894,319 )
                                 
Basic Denominator
    78,155,413       78,155,413       78,155,413       78,155,413  
Per Share Amount
  $ 0.00     $ (0.01 )   $ (0.01 )   $ (0.01 )

The following table summarizes the securities that were excluded from the diluted per share calculation because the effect of including these potential shares was antidilutive.

   
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
   
2012
   
2011
   
2012
   
2011
 
                         
Potentially dilutive Stock Options
    -       279,978       -       473,652  

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
September 30,
   
Nine Months Ended
September 30,
 
   
2012
   
2011
   
2012
   
2011
 
                         
Stock options
    4,575,749       3,372,140       4,575,749       2,527,140  
Warrants
    8,250,000       8,250,000       8,250,000       8,250,000  
Total
    12,825,749       11,622,140       12,825,749       10,777,140