Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE INFORMATION

 v2.3.0.11
EARNINGS PER SHARE INFORMATION
 3 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
EARNINGS PER SHARE INFORMATION

NOTE 9 - EARNINGS PER SHARE INFORMATION

 

The calculation of the basic and diluted earnings per share is based on the following data:

 

  Three months ended
  June 30, 2011   June 30, 2010
       
Net loss from continuing operations $ (4,328,833)   $ (3,073,292)
Net income from discontinued operations 8,654,065   3,945,160
       
Basic weighted-average common shares outstanding 55,787,554   51,865,015
       
Effect of dilutive securities      
  Warrants -   -
  Stock options -   -
Non-vesting share grants -   -
       
Dilutive weighted average common shares outstanding 55,787,554   51,865,015
       
Basic loss per common share from continuing operations $ (0.08)   $ (0.06)
Diluted loss per common share from continuing operations $ (0.08)   $ (0.06)
       
Basic income per common share from discontinued      operations

 

$ 0.16

  

 

$ 0.08
Diluted income per common share from discontinued operations

 

$ 0.16

  

 

$ 0.08
       
Total basic income per common share $ 0.08   $ 0.02
Total diluted income per common share $ 0.08   $ 0.02

 

The diluted weighted average common shares outstanding for the three months ended June 30, 2011 and 2010 does not include the effect of potential conversion of certain warrants and stock options as their effects are anti-dilutive.

 

The dilutive weighted average common shares outstanding for the three months ended June 30, 2011 and 2010, respectively, does not include the effect of the potential conversion of the Notes because the average market share price the three months ended June 30, 2011 and 2010 was lower than potential conversion price of the convertible notes for this period.

 

The diluted weighted average common shares outstanding for the three months ended June 30, 2010 does not include the effect of the potential conversion of the Notes because conversion of the Notes is not contingent upon any market event. Rather, the Notes are convertible to common stock upon the first to occur of (a) the tenth New York business day following the Shelf Registration Statement Effective Date and (b) 13 July 2008.