Income (loss) per share

12 Months Ended

Dec. 31, 2012

Income Loss Per Share

Income (loss) per share

	2012		2011			2010
Net income (loss) for the year	$	2,062,728	$	(3,584,601	)	$	(4,452,428	)
Weighted average number of common shares outstanding
Basic		40,453,392		35,696,620			32,774,974
Additional shares related to assumed exercise of
stock options under treasury stock method		337,070		-
Contingently issuable preferred shares		8,000,000		-
Diluted		48,790,462		35,696,620			32,774,974
Income (loss) per share - Basic	$	0.05	$	(0.10	)	$	(0.14	)
Income (loss) per share - Diluted	$	0.04	$	(0.10	)	$	(0.14	)

A total of 2,000,000 of the Preferred Shares (see note 8) are included in the above noted basic income (loss) per share calculations, as the criteria for them to convert to common shares have been met for each period.  The remaining 8,000,000 Preferred Shares are contingently issuable, and are included in the diluted number of shares outstanding .

In periods in which a loss results, all outstanding stock options, common share purchase warrants and certain of the Preferred Shares are excluded from the diluted loss per share calculations as they are anti-dilutive.