Weighted Average Shares

6 Months Ended

Jun. 30, 2011

Weighted Average Shares [Abstract]

Weighted Average Shares

Note 3 - Weighted Average Shares

Basic earnings per common share is computed by dividing net income or loss applicable to common shareholders by the weighted average number of shares outstanding during each period. The computation of diluted earnings per common share is based on the weighted average number of shares outstanding during the year, plus the dilutive common stock equivalents that would rise from the exercise

The following table sets forth the computation of basic and diluted earnings per common share for the three and six month periods ended June 30, 2011 and 2010:

		For the three months ended				For the six months ended
		June 30,				June 30,
		2010		2011		2010		2011
Numerator
Net income (loss)	$	(3,223,960)	$	442,324	$	(6,124,691)	$	(304,641)
Denominator
Basic weighted average shares outstanding		41,030,100		75,576,100		40,538,300		79,916,500
Effect of dilutive securities:
Stock options and warrants		--		590,074		--		--
Restricted stock units		--		2,350,000		--		--
Diluted weighted average shares outstanding		41,030,100		78,516,174		40,538,300		74,916,500
Net income (loss) per common share
Basic	$	(0.08)	$	0.01	$	(0.15)	$	(0.00)
Diluted	$	(0.08)	$	0.01	$	(0.15)	$	(0.00)

Potentially dilutive securities representing 24,070,976 shares of common stock were excluded from the computation of diluted earnings per common share for the three months ended June 30, 2011 because their effect would have been anti-dilutive. As a result of incurring a net loss for the six months ended June 30, 2011, no potentially dilutive securities are included in the calculation of diluted earnings per share because such effect would be anti-dilutive.

As a result of incurring a net loss for the three and six month periods ended June 30, 2010, no potentially dilutive securities are included in the calculation of diluted earnings per share because such effect would be anti-dilutive. We had potentially dilutive securities representing approximately 17,245,515 shares of common stock at June 30, 2010.