Income Per Share

6 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Income Per Share

7. Income Per Share

Basic income per common share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted income per common share is based upon the weighted-average common shares outstanding during the period plus additional weighted-average common equivalent shares outstanding during the period. Common equivalent shares result from the assumed exercise of outstanding stock options and warrants, the proceeds of which are then assumed to have been used to repurchase outstanding common stock using the treasury stock method. In addition, the numerator is adjusted for any changes in income that would result from the assumed conversion of potential shares. There were no potentially dilutive shares for the three and six months ended September 30, 2020. Potentially dilutive shares, which were included in the diluted income per share calculations for the three and six months ended September 30, 2019 were 4,333,209 shares and 4,139,568 shares, respectively.