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Note 4 - Earnings Per Share ("EPS")
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Text Block]
4.                      EARNINGS PER SHARE (“EPS”)

The Company’s basic EPS is calculated using net income 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 numerator of the basic and diluted EPS calculations was as follows for the three month periods ended March 31, 2013 and 2012:

   
Three Months ended
March 31,
 
   
2013
   
2012
 
             
Basic Numerator:
           
             
Net (loss) income
  $ (315,579 )   $ 363,498  
                 
Basic Denominator:
    81,465,289       78,155,413  
Per Share Amount
  $ 0.00     $ 0.00  

The following table summarizes the potential weighted average shares of common stock that were included in the diluted per share calculation for the three months ended March 31, 2013 and 2012.

   
Three Months Ended
March 31,
 
   
2013
   
2012
 
             
Stock Options
    -       759  

   
Three Months ended
March 31,
 
   
2013
   
2012
 
             
Dilutive Numerator:
           
             
Net (loss) income
  $ (315,579 )   $ 363,498  
                 
Dilutive Denominator:
    81,465,289       78,156,172  
Per Share Amount
  $ 0.00*     $ 0.00*  

* Represents less than $0.01 per share

The following table sets forth the options and warrants which were excluded from the diluted per share calculation even though the exercise prices were  less than the average market price of the common shares because the effect of including these potential shares was antidilutive due to the net losses for the three months ended March 31, 2013 and 2012:

   
Three Months Ended
March 31,
 
   
2013
   
2012
 
             
Stock options
    647,660       -  
Warrants
    -       -  
                 
Total
    647,660       -  

The following table sets forth options and warrants which were 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
March 31,
 
   
2013
   
2012
 
             
Stock options
    3,025,000       4,588,560  
Warrants
    8,250,000       8,250,000  
                 
Total
    11,275,000       12,838,560