Computation of Earnings Per Share

12 Months Ended

Dec. 31, 2014

Computation of Earnings Per Share [Abstract]

Computation of Earnings Per Share

10.Computation of Earnings Per Share

Basic and diluted earnings per share are calculated as follows:

	For the Years Ended December 31,
	2014			2013
				(As adjusted)
Net (loss)/income	$	(11,294,000	)	$	8,343,900
Weighted average shares outstanding for the period		1,543,257			1,543,257
Dilutive effect of warrants		-			43,779
Weighted average diluted shares used in calculation    of diluted (loss)/earnings per share		1,543,257			1,587,036
Basic (loss)/earnings per share	$	(7.32	)	$	5.41
Diluted (loss)/earnings per share	$	(7.32	)	$	5.26

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 year ended December 31, 2014, warrants for 81,224 shares were not included in the calculation of diluted loss per share because the effect would have been anti-dilutive.