2. Per Share Data

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Per Share Data

Basic per share amounts are computed by dividing net income (loss), after considering current period dividends on the Company's preferred stock, by the average number of common shares.  The average number of common shares outstanding for the three and six months ended June 30, 2015 and 2014 was 5,317,758.  

Diluted per share amounts are computed by dividing net income (loss) by the average number of common shares outstanding, after adjusting for the estimated effect of the assumed conversion of all cumulative convertible preferred stock and collateralized convertible debentures into shares of common stock.  For the three and six months ended June 30, 2015 and 2014, the assumed conversion of all cumulative convertible preferred stock and collateralized convertible debentures would have been anti-dilutive.

The following is a summary of the calculations used in computing basic and diluted loss per share for the three and six months ended June 30, 2015 and 2014.

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2015			2014			2015			2014
Net Loss	$	(2,113,000	)	$	(1,909,000	)	$	(4,000,000	)	$	(3,763,000	)
Preferred dividends		(160,000	)		(160,000	)		(320,000	)		(320,000	)
Loss Available to	$	(2,273,000	)	$	(2,069,000	)	$	(4,320,000	)	$	(4,083,000	)
Common shareholders
Weighted Average Number
Of Common Shares
Outstanding		5,317,758			5,317,758			5,317,758			5,317,758
Basic and Diluted Loss
Per Share	$	(0.43	)	$	(0.39	)	$	(0.81	)	$	(0.77	)