Earnings Per Common Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 8. Earnings Per Common Share

The computation of basic net loss per share is based on the weighted average number of common shares outstanding during the period. Weighted average shares outstanding for the period ended June 30, 2012, includes the weighted average underlying Warrant Shares issuable upon exercise of the 1,049,528 warrants at the exercise price of $0.01 per share. In accordance with the accounting literature, the Company has given effect to the issuance of these warrants in computing basic net loss per share because the underlying shares are issuable for little or no cash consideration. Diluted net loss per share gives effect to stock options and restricted stock units using the treasury stock method, unless the impact is anti-dilutive. Diluted net loss per share as of June 30, 2012 does not include 657,962 restricted stock units and 350,210 stock options as their effect was anti-dilutive.

	Three Months Ended						Six Months Ended
	June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
Net Income (loss)	$	(23,106,239	)	$	(1,438,278	)	$	(40,539,768	)	$	(7,248,559	)
Weighted Average Shares – Basic*		15,880,392			15,642,830			15,815,594			15,641,477
Dilutive effect of stock options and restricted stock units		—			—			—			—
Weighted Average Shares – Diluted*		15,880,392			15,642,830			15,815,594			15,641,477
Basic loss Per Share*	$	(1.46	)	$	(0.09	)	$	(2.56	)	$	(0.46	)
Diluted loss Per Share*	$	(1.46	)	$	(0.09	)	$	(2.56	)	$	(0.46	)

*Adjusted to give effect to the 1 for 4 reverse stock split that became effective on May 22, 2012, see Note 1.