Computation of Earnings Per Share

9 Months Ended

Sep. 30, 2014

Computation of Earnings Per Share [Abstract]

Computation of Earnings Per Share

6.Computation of Earnings Per Share

Basic and diluted earnings per share are calculated as follows:

	For the Nine Months Ended September 30,					For the Three Months Ended September 30,
	2014			2013		2014			2013
Net (loss)/income	$	(11,797,800	)	$	9,175,400	$	(8,247,000	)	$	4,021,200
Weighted average shares outstanding for the period		1,543,257			1,543,257		1,543,257			1,543,257
Dilutive effect of warrants		-			44,072		-			46,907
Weighted average diluted shares used in calculation    of diluted (loss)/earnings per share		1,543,257			1,587,329		1,543,257			1,590,164
Basic (loss)/earnings per share	$	(7.64	)	$	5.95	$	(5.34	)	$	2.61
Diluted (loss)/earnings per share	$	(7.64	)	$	5.78	$	(5.34	)	$	2.53

Basic earnings per common share is computed using net income and the weighted average number of common shares outstanding during the period.  Diluted earnings per common share are computed using net income and the weighted average number of common shares outstanding, assuming dilution.  Weighted average common shares outstanding, assuming dilution, include potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of warrants using the treasury stock method.  For the three months and nine months ended September 30, 2014, the dilutive effect of outstanding warrants was 28,927 and 36,497 potentially outstanding shares issuable upon the assumed exercise of all outstanding warrants, respectively.  However, the effect of these potentially outstanding shares was not included in the calculation of diluted loss per share for the applicable period because the effect would have been anti-dilutive.