EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2011

EARNINGS PER COMMON SHARE

NOTE 12. - EARNINGS PER COMMON SHARE

The following table sets forth the computation of basic and diluted earnings per common share for the year ended December 31, 2011 and 2010:

	2011			2011
Net loss attributed to common shareholders	$	(1,353,903	)	$	(1,423,632	)
Denominator for basic earnings per share-weighted average shares outstanding		26,391,204			12,437,983
Effect of dilutive securities:
Warrants, restricted stock and options outstanding		-			-
Denominator for diluted earnings per common share - weighted average shares adjusted for dilutive securities		26,391,204			12,437,983
Loss per common share - basic	$	(0.05	)	$	(0.11	)
Loss per common share- diluted	$	(0.05	)	$	(0.11	)

Securities outstanding that were excluded from the computation because they would have been anti-dilutive are as follows:

	2011		2010
Warrants		8,651,978		-
Convertible Debt Issued December 16, 2011(number of shares including related warrants upon conversion of  3,082,000)		5,650,333		-
Restricted Stock		700,000		-
Convertible Note		246,707		-
Options		35,000		-
		15,284,018		-