Income (loss) per share

12 Months Ended

Dec. 31, 2014

Notes to Financial Statements

9. Income (loss) per share

	2014			2013			2012
Comprehensive income (loss) for the year	$	(1,563,361	)	$	(5,341,561	)	$	2,062,728
Weighted average number of shares outstanding:
Common shares issued		44,375,540			40,882,108			38,453,392
Convertible Preferred Shares (i)		-			778,082			2,000,000
Basic		44,375,540			41,660,190			40,453,392
Additional shares related to assumed
exercise of stock options and US$ Warrants
under the treasury stock method (ii)		-			-			337,070
Contingently issuable Preferred Shares (ii)		-			-			8,000,000
Fully diluted		44,375,540			41,660,190			48,790,462
Net loss per share – Basic	$	(0.04	)	$	(0.13	)	$	0.05
Net loss per share – Fully diluted	$	(0.04	)	$	(0.13	)	$	0.04

(i)   A total of 2,000,000 of the Preferred Shares (see note 8) are included in the above noted basic income (loss) per share calculation for the years ended December 31, 2012 and 2013, as the criteria for them to convert to common shares had been met up to their formal conversion in May 2013. The remaining 8,000,000 Preferred Shares are contingently issuable, and are included in the diluted number of shares outstanding if applicable.

(ii)   In periods in which a loss results, all outstanding stock options, common share purchase Warrants and the 8,000,000 Preferred Shares are excluded from the fully diluted loss per share calculations as their effect is anti-dilutive.