Per Share Information

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Per Share Information

11.      Per Share Information

Loss per share

Basic loss per share of common stock is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding.  Diluted loss per share of common stock (“Diluted EPS”) is computed by dividing the net loss by the weighted-average number of shares of common stock and dilutive common stock equivalents and convertible securities then outstanding.  At September 30, 2012 and September 30, 2011 (restated), there were 26,232,169 and 11,005,071, respectively, of potentially dilutive common stock equivalents outstanding.  The potentially dilutive common stock equivalents at September 30, 2012 arise from (x) the issuance on December 7, 2011 of 45,000 Series B Preferred Shares which are convertible into 15 million shares, (y) the issuance of the Rasel note which is convertible into 230,068 shares, and (z) the issuance of 10,000 Series C Preferred Shares having a stated value of $100 per share which are convertible into 11,000,000 common shares, given recent market prices, and notwithstanding a restriction against owning more than 4.99% of the Company’s stock.  The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net loss per common share.