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Note 4 - Earnings Per Share ("EPS")

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

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.

The reconciliation of the numerators of the basic and diluted EPS calculations 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,
		2013				2012				2013				2012

Basic and Dilutive Numerator:
Net (loss) available to common stockholders		$	(554,831	)		$	(613,419	)		$	(870,409	)		$	(249,921	)

Basic and Dilutive Denominator			87,182,348				78,155,413				84,339,612				78,155,413
Per Share Amount		$	(0.01	)		$	(0.01	)		$	(0.01	)		$	0.00	*

* Represents less than $0.01

There were no 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, 2013, and June 30, 2012, as the effects would have been anti-dilutive.

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,
		2013				2012				2013				2012

Stock options			410,000				4,578,749				510,000				4,578,749
Warrants			8,250,000				8,250,000				8,250,000				8,250,000
Total			8,660,000				12,828,749				8,760,000				12,828,749

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 and six months ended June 30, 2013 and 2012:

		Three Months ended June 30,								Six Months ended June 30,
		2013				2012				2013				2012

Stock options			2,157,965				741				1,407,814				625
Warrants			-				-				-				-
Total			2,157,965				741				1,407,814				625

- Definition

The entire disclosure for earnings per share.

+ References+ Details