Earnings per share is determined by dividing net income for the periods by the weighted average number of both basic and diluted shares of common stock and common stock equivalents outstanding pursuant to ASC 260, “Earnings Per Share.” The following are the calculations for earnings per share for the three and six months ended June 30, 2011 and 2010.

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2011		2010		2011		2010
	(unaudited)		(unaudited)		(unaudited)		(unaudited)

Basic earnings per share
Net Income	$	10,272,205	$	12,510,238	$	27,241,411	$	20,034,811
Weighted average number of common share outstanding - Basic		76,444,372		61,549,661		76,430,526		61,544,259
Earnings per share - Basic	$	0.13	$	0.20	$	0.36	$	0.33

Diluted earnings per share
Net Income	$	10,272,205	$	12,510,238	$	27,241,411	$	20,034,811
Weighted average number of common shares outstanding - Basic		76,444,372		61,549,661		76,430,526		61,544,259
Effect of conversion of preferred stock		528		528		528		528
Effect of exercise of options		-		64,268		-		64,268
Effect of diluted securities - unvested shares		6,168,333		7,047,333		6,168,333		7,047,333
Weighted average number of common shares outstanding - Diluted		82,613,233		68,661,790		82,599,387		68,656,388

Earnings per share - Diluted	$	0.12	$	0.18	$	0.33	$	0.29

At June 30, 2011 and 2010, the Company had outstanding warrants of 10,950,113 and 6,825,113, respectively. Warrants were excluded in the diluted earnings per share calculation as the stock market price is below warrants’ exercise price and were anti-dilutive for the three and six months ended June 30, 2011 and 2010. At June 30, 2011, the Company had outstanding options of 340,000 that were excluded in the diluted earnings per share calculation as the stock market price is below options’ exercise price and were anti-dilutive for the three and six months ended June 30, 2011.