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v2.4.0.6
NOTE 7 - EARNINGS PER SHARE
9 Months Ended
Sep. 30, 2012
Earnings Per Share [Text Block]
NOTE 7 – EARNINGS PER SHARE.

Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted EPS is computed by dividing net income by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which include stock options, is computed using the treasury stock method.

A reconciliation of basic to diluted earnings (loss) per share is as follows:

Nine months ended September 30,
 
2012
   
2012
   
2011
   
2011
 
   
Basic
   
Diluted
   
Basic
   
Diluted
 
Numerator:
                       
Net income (loss)
  $ (1,336,565 )   $ (1,336,565 )   $ (142,357 )   $ (142,357 )
Denominator:
                               
Weighted average shares outstanding
    17,338,804       17,338,804       17,324,439       17,324,439  
Effect of dilutive securities:
                               
Stock options and warrants
    ---       ---       ---       ---  
Weighted average shares outstanding
    17,338,804       17,338,804       17,324,439       17,324,439  
                                 
Earnings (loss) per share
  $ ( 0.08 )   $ ( 0.08 )   $ ( 0.01 )   $ ( 0.01 )

Stock options to acquire 3,133,910 and 1,118,940 shares for the nine months ended September 30, 2012 and 2011, respectively, were excluded from the computations of diluted EPS because the effect of including the stock options would have been anti-dilutive to a loss per share or the options were out of the money.