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EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE

Basic earnings per share includes no dilution and is computed by dividing income (loss) available to common shareholders by the weighted average number of common shares outstanding for the periods presented. The calculation of basic earnings per share for the year ended December 31, 2014 includes the weighted average of common shares outstanding.  Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity, such as convertible preferred stock, stock options, warrants or convertible securities.  The calculation of diluted earnings per share for the year ended December 31, 2014 does not include options to purchase 1,078,668 shares and warrants to purchase 833 shares due to their anti-dilutive effect.
The following is a reconciliation of the numerator and denominator for basic and diluted earnings per share for the years ended December 31, 2014, 2013, and 2012:
 
 
 
2014
 
2013
 
2012
Basic Earnings per Share
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
Net income (loss) available to common shareholders
 
$
(5,546,243
)
 
$
7,879,470

 
$
3,658,267

Denominator:
 
 

 
 

 
 
Weighted-average common shares outstanding
 
23,807,780

 
17,830,194

 
12,138,229

Basic earnings per share
 
$
(0.23
)
 
$
0.44

 
$
0.30

 
 
 
 
 
 
 
Diluted Earnings per Share
 
 

 
 

 
 
Numerator:
 
 

 
 

 
 
Net income (loss) available to common shareholders
 
$
(5,546,243
)
 
$
7,879,470

 
$
3,658,267

Denominator:
 
 

 
 

 
 
Weighted-average shares outstanding
 
23,807,780

 
17,830,194

 
12,138,229

Effect of dilutive securities
 
 

 
 

 
 
Stock options and warrants
 
—

 
1,033,633

 
1,215,014

Preferred stock
 
—

 
1,319,002

 
1,512,891

Diluted weighted-average shares outstanding
 
23,807,780

 
20,182,829

 
14,866,134

Diluted earnings (loss) per share
 
$
(0.23
)
 
$
0.39

 
$
0.25