EARNINGS (LOSS) PER SHARE (Tables)

3 Months Ended

Mar. 31, 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 quarters ended March 31, 2013 and 2012:

	2013		2012

Basic Earnings per Share
Numerator:
Net income available to common shareholders	$	1,083,595	$	1,574,273
Denominator:
Weighted-average shares outstanding		17,079,242		9,434,094

Basic earnings per share	$	0.06	$	0.17

Diluted Earnings per Share
Numerator:
Net income available to common shareholders	$	1,083,595	$	1,574,273
Denominator:
Weighted-average shares outstanding		17,079,242		9,434,094
Effect of dilutive securities
Stock options and warrants		1,631,017		1,645,815
Preferred stock		1,428,923		4,393,108

Diluted weighted-average shares outstanding		20,139,182		15,473,017

Diluted earnings per share	$	0.05	$	0.10