First off! Pencils by the ever amazing Creon!
Colors by me.

Some people have been requesting a step by step for some time now, and seeing as how I had nothing better to do yesterday, I whipped this up. Software I used was Photoshop CS, and the brush was a "light textured brush" (or something like that) from the wet media brushes!

General things about this image:
- I layed down relatively dark flats, and one even darker shadow layer underneath the lineart (which I set to multiply this time - usually I use a different method, but it doesn't make a huge difference).
- All the highlights are on a layer above the the lineart (I did a total of 4 layers of highlights, getting progressively lighter/warmer).
- As you can see, I try not to use just dark and light tones of the same color. I don't shade my red with dark red, but with a dark purple/gray. I also don't use only light red for highlights, but I like to stray as far as a bit of orange (not too visible in this one though).
- Yes, the flat color for skintone is green. This is something entirely new to me, and I never tried doing this before now, but I've come to realise that a lot of extremely highly talented painters have a greenish (sometimes even blueish) undertone in the shadows of their skintones. So this was an experiment, and it's not my usual way of doing skintones, but I liked the result and will be sure to play around with it in the future.
- The step by step process for the beard isn't shown, because I totally put all the render on one layer by accident. But the process is exactly the same as for anything else (hatching is does the trick more than anything, here).
- I upped the hue/saturation and brightness/contrast values on the last step.


Feel free to ask questions (as long as I didn't already answer them above - I reserve the right to ridicule you in case you ask why the flat color for his skintone is green, for example).

Cheers!
And I think I'll post a step by step of a less experimental coloring process in the future (allthough I use the techniques and color build-up shown in this one almost all the time).