This tremendous growth is due to the Company's successful implementation of its marketing strategy to resell and co-brand cards both domestically and internationally. The Company intends to continue to grow the pre-paid division to complement its wholesale services with retail products. The division's growth is due to continued worldwide demand for IDT's Internet telephony products and services. To date, over 15 million minutes of use have been routed using IDT's Internet telephony services by more than 300,000 customers in over 200 countries. The Company also recently launched Net2Phone Direct, IDT's Internet-based long distance telephone service in the U.S. and Korea.
Users can place calls over the Internet for as little as a nickel per minute.
We plan to continue to focus on growing the business without incurring high costs of customer acquisition. Shares used to calculate earnings per share for the second quarter were 23.3 million on a basic basis 27.1 million on a fully diluted basis. The Company recently completed a secondary offering of 5.1 million shares of equity, inclusive of the over-allotment option. Proceeds of the financing will be used to expand the Company's international and domestic telecommunications network. Facilities in the US and the UK are already fully functional, and plans for additional mirror sites throughout Asia and Europe are scheduled for launch by the end of the year.