Computation of Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2014

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