Basic... 14.4 million from last quarter PLUS about one month of the 1.5 million financing= ~ 15 million shares... The stock was over $5 for most of the April 2010, so we may have to contend with a portion of the 1.2 million warrants that were outstanding at the end of the 2010 first quarter. This will compare to 10 million shares and EPS of $0.34 for the second quarter 2009. If 15 million shares is correct than in order to just match the EPS of 2009 quarter, CNAM would have to report net income of $5 million or almost half its 2010 guidance. The company has done a decent job communicating that the CNAM story really begins in the 2010 third quarter. As an owner of CNAM warrants it will be interesting to observe how investors will react if 2nd qtr EPS come in below the 2009 2nd qtr EPS. The less they do in the 2nd quarter, the more that will be available for the rest of the year, hopefully ensuring some pretty nice EPS gains, especially if they under promise and over deliver.
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