EARNINGS (LOSS) PER SHARE (Tables)

6 Months Ended

Jun. 30, 2013

Schedule of reconciliation of basic and diluted earnings per share

The following is a reconciliation of the numerator and denominator for basic and diluted earnings per share for the six months ended June 30, 2013 and 2012:

	2013		2012
Basic Earnings per Share
Numerator:
Net income available to common shareholders	$	2,974,865	$	1,415,248
Denominator:
Weighted-average shares outstanding		17,243,762		9,781,851

Basic earnings per share	$	0.17	$	0.14

Diluted Earnings per Share
Numerator:
Net income available to common shareholders	$	2,974,865	$	1,415,248
Denominator:
Weighted-average shares outstanding		17,243,762		9,781,851
Effect of dilutive securities
Stock options and warrants		1,210,007		1,211,779
Preferred stock		1,345,220		3,211,328
Diluted weighted-average shares outstanding		19,798,989		14,204,958

Diluted earnings per share	$	0.15	$	0.10