Quarterly report pursuant to Section 13 or 15(d)

8. EARNINGS PER SHARE INFORMATION

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8. EARNINGS PER SHARE INFORMATION
 3 Months Ended
Jun. 30, 2012
Notes to Financial Statements  
EARNINGS PER SHARE INFORMATION

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

 

    Three months ended
    June 30, 2012     June 30, 2011
           
Net loss from continuing operations $          (750,314)   $      (4,328,833)
           
Net income from discontinued operations   -     8,654,065
           
Basic weighted-average common shares outstanding   55,787,554     55,787,554
           
Basic loss per common share from continuing operations $   (0.01)   $    (0.08)
           
Basic income per common share from discontinued operations $    -   $   0.16
           
Total basic income per common share $    (0.01)   $    0.08

 

Options, warrants, and restricted stock grants were not included in the calculation of earnings per common share for the periods ended June 30, 2011, as the effect of their inclusion would be anti-dilutive.

 

The table below provides total potential shares outstanding, including those that are anti-dilutive, at each balance sheet date:

 

  June 30, 2012   June 30, 2011
Shares issuable under common stock warrants associated with the convertible notes payable -   30,700,000

 

The warrants outstanding at June 30, 2011 were cancelled with the redemption of the associated Senior Notes payable. As of June 30, 2012 there were no options or warrants outstanding.