Note 13 - Basic and diluted income (loss) per share:

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Text Block]

13.   Basic and diluted income (loss) per share

As the Company incurred a loss for the year ended December 31, 2011, all stock options were anti-dilutive and were excluded from the diluted weighted average shares outstanding (December 31, 2010 – 3,592,842).

Reconciliations of the income and weighted average number of common shares used in the calculations are set forth below:

	2011			2010
Net income (loss)	$	(27,920	)	$	35,499
Weighted average number of common shares for basic income per share		61,125,804			60,813,604
Dilutive effect of options		-			507,659
Diluted weighted average number of common shares for diluted income per share		61,125,804			61,321,263
Basic and diluted income (loss) per share	$	(0.46	)	$	0.58