7. Earnings per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Note 7. Earnings per Share

Earnings per share have been calculated using the weighted average number of shares outstanding during each period. There was positive net income during the nine months ended September 30, 2012, therefore the Company’s Convertible Preferred Shares constituted potentially dilutive securities. However, the net loss for the three months ended September 30, 2012 and 2011 and for the nine months ended September 30, 2011 would have made these securities anti-dilutive. Earnings per share at September 30, 2012, is calculated using the number of common shares issued to effect the business combination as being outstanding during the entire period.

Earnings (loss) per share of common stock are calculated as follows:

	For the Three Months Ended September 30,
		2012			2011
BASIC EARNINGS PER SHARE OF COMMON STOCK:
Net earnings (loss) available to IPLO common stockholders	$	(18,905	)	$	(143,482	)
Weighted average common shares outstanding		4,961,357			4,961,357
Basic earnings (loss) per share of common stock	$	(0.00	)	$	(0.03	)
DILUTED EARNINGS PER SHARE OF COMMON STOCK:
Net earnings available to IPLO common stockholders	$	(18,905	)	$	(143,482	)
Weighted average common shares outstanding		4,961,357			4,961,357
Effect of dilutive securities:
Convertible preferred stock		–			–
Weighted average common shares outstanding after effect of dilutive securities		4,961,357			4,961,357
Diluted earnings per share of common stock	$	(0.00	)	$	(0.03	)

		For the Nine Months Ended September 30,
		2012		2012
BASIC EARNINGS PER SHARE OF COMMON STOCK:
Net earnings (loss) available to IPLO common stockholders	$	20,011	$	(212,745	)
Weighted average common shares outstanding		4,961,357		4,961,357
Basic earnings (loss) per share of common stock	$	0.00	$	(0.04	)
DILUTED EARNINGS PER SHARE OF COMMON STOCK:
Net earnings (loss) available to IPLO common stockholders	$	20,011	$	(212,745	)
Weighted average common shares outstanding		4,961,357		4,961,357
Effect of dilutive securities:
Convertible preferred stock		1,374,730		–
Weighted average common shares outstanding after effect of dilutive securities		6,336,087		4,961,357
Diluted earnings (loss) per share of common stock	$	0.00	$	(0.04	)