Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share

Earnings Per Share [Text Block]

4.         NET INCOME (LOSS) PER COMMON SHARE

The following sets forth the denominator used in the calculations of basic net income (loss) per share and net income (loss) per share assuming dilution:

	Year ended December 31, 2011	Five months ended December 31, 2010
Denominator for basic net income (loss) per share, weighted average shares outstanding	14,115,651	13,824,944
Dilutive effect of common stock options	N/A	N/A
Denominator for net income (loss) per share, assuming dilution	14,115,651	13,824,944

Options to purchase 313,000 and 302,750 shares of our common stock at December 31, 2011, and 2010, respectively, were outstanding but were not included in the computation of net income (loss) per share because they were anti-dilutive.  The outstanding 375 and 750 shares of Series C Convertible Preferred Stock, if converted at December 31, 2011 and 2010, respectively, would have resulted in an additional 350,140 and 705,882 shares of common stock, respectively.  Due to the net loss incurred for the year ended December 31, 2011, and the five months ended December 31, 2010, the denominator used in the calculation of basic net loss per share was the same as that used for net loss per share, assuming dilution, since the effect of any options or converted preferred shares would have been anti-dilutive.