EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2012

EARNINGS PER COMMON SHARE [Abstract]

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, 2012 and 2011:

	December 31,			December 31,
	2012			2011
Net loss attributed to common shareholders	$	(6,735,281	)	$	(1,353,903	)
Denominator for basic earnings per share-weighted average shares outstanding		30,419,556			26,391,204
Effect of dilutive securities:
Warrants, restricted stock and options outstanding		-			-
Denominator for diluted earnings per common share - weighted average shares adjusted for dilutive securities		30,419,556			26,391,204
Income (loss) per common share - basic	$	(0.22	)	$	(0.05	)
Income (loss) per common share- diluted	$	(0.22	)	$	(0.05	)

Securities outstanding that were excluded from the computation of earnings per share for the year ended December 31, 2012 and 2011 because they would have been anti-dilutive are as follows:

	December 31,		December 31,
	2012		2011
Warrants		12,972,664		8,668,701
Convertible Debt Issued December 14, 2011 (number of shares including related warrants upon conversion of 3,061,034)		4,706,782		-
Convertible Debt Issued August 9, 2012 (number of shares including related warrants upon conversion of 371,000)		742,000		-
Restricted Stock		550,000		700,000
Options		465,000		35,000
		19,436,446		9,403,701