NET INCOME (LOSS) PER COMMON SHARE

12 Months Ended

Sep. 30, 2011

Notes to Financial Statements

NET INCOME (LOSS) PER COMMON SHARE

Basic earnings per share (EPS) excludes dilution and is computed by dividing net income by the weighted average of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other common stock equivalents (convertible preferred stock, convertible debt, warrants to purchase common stock and common stock options) were exercised or converted into common stock. The following table provides a reconciliation of the numerators and denominators of the basic and diluted per-share computations:

		2011			2010			2009
Net income (loss) – available to
common shareholders-basic	($	26,780,712	)	$	8,950,973		($	41,400,758	)
Less:  Conversion of derivative
instruments		(4,199,256	)		(20,130,098	)		—
Net income (loss) - diluted	($	30,949,598	)	($	11,179,125	)	($	41,400,758	)
Weighted average number of
shares - basic and diluted		208,488,987			202,102,859			133,535,050
Earnings per share - basic	($	0.13	)	$	0.04		($	0.31	)
Earnings per share – diluted	($	0.15	)	($	0.06	)	($	0.31	)

Excluded from the above computations of weighted-average shares for diluted net loss per share were options and warrants to purchase 25,353,707, 24,175,054, and 23,384,797 shares of common stock as of September 30, 2011, 2010, and 2009, respectively. These securities were excluded because their inclusion would have an anti-dilutive effect on net loss per share diluted.