Earnings Per Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share

Note 3 –Earnings per Share

Basic earnings per common share are computed by dividing net income by the weighted average number of shares of stock outstanding. The Company’s diluted earnings per common share give effect to all potential shares of Common Stock outstanding during a period that are not anti-dilutive. In computing the diluted earnings per share, the treasury stock and if converted methods are used in determining the number of shares assumed to be purchased from the conversion of Common Stock equivalents. The following summarizes the amounts included in the dilutive shares as disclosed on the face of the consolidated condensed statements of operations:

	Three Months Ended March 31,
	2013		2012
Weighted average number of shares for calculation of basic EPS – Common Stock		31,606,986		24,461,056
Impact of stock options outstanding under the 1997, 2006 and 2011 Stock Option Plans		476,563		689,587
Weighted average number of shares for calculation of diluted EPS		32,083,549		25,150,643

The accompanying table represents Common Stock issuable upon the exercise of certain stock options, the Series C Convertible Preferred Stock and potential dividends paid in common stock that have been excluded from the diluted shares calculation because the effect of their inclusion would be anti-dilutive.

	Three Months Ended March 31,
	2013		2012
Stock options outstanding under the 2006 and 2011 Stock Option Plans		124,000		84,000
Series C Convertible Preferred Stock		910,021		3,184,918
		1,034,021		3,268,918