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Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2012
Property and Equipment Estimated Lives

 Depreciation of property and equipment is provided using the straight-line method over the estimated lives as follows:

 

Building 20 years
Vehicle 2 - 5 years
Office and Other Equipment 2 - 5 years
Software 2 - 3 years
Reconciliation of Basic and Diluted Earnings per Share

The following table presents a reconciliation of basic and diluted earnings per share for the six and three months ended June 30, 2012 and 2011:

  

    Six Months Ended     Three Months Ended  
    2012     2011     2012     2011  
Net income for common shares   $ 3,246,687     $ 8,257,968     $ 1,224,122     $ 3,695,001  
Interest expense on convertible notes*     502,487       694,001       264,125       327,401  
Net income for diluted shares   $ 3,749,174     $ 8,951,969     $ 1,488,247     $ 4,022,402  
                                 
Weighted average shares outstanding – basic     46,474,350       40,707,568       46,474,350       42,199,576  
Effect of dilutive securities:                                
Convertible notes     3,810,000       12,444,486       3,810,000       11,470,975  
Options granted     1,000,895       1,912,122       1,094,741       1,760,488  
                                 
Warrants granted     -       20,440       -       16,384  
                                 
Weighted average shares outstanding – diluted     51,285,245       55,084,616       51,379,091       55,447,423  
Earnings (loss) per share – basic   $ 0.07     $ 0.20     $ 0.03     $ 0.09  
Earnings (loss) per share – diluted   $ 0.07     $ 0.16     $ 0.03     $ 0.07  

  

  * Interest expense on convertible notes was added back to net income for the computation of diluted EPS.