AVERAGE SHARE INFORMATION

9 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

AVERAGE SHARE INFORMATION

AVERAGE SHARE INFORMATION

The following is a summary of the basic and diluted average common shares outstanding:

	Three months ended December 31,		Nine months ended December 31,
	2019	2018	2019	2018
Basic:
Weighted average common shares outstanding (denominator)	7,220,938	9,108,516	7,842,689	9,078,576
Diluted:
Weighted average common shares outstanding	7,220,938	9,108,516	7,842,689	9,078,576
Dilutive potential common shares (1)	—	170,318	320,618	196,492
Weighted average diluted shares outstanding (denominator)	7,220,938	9,278,834	8,163,307	9,275,068

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⁽¹⁾ Dilutive potential common shares have been excluded from the weighted average diluted shares outstanding calculation for the three-month period ended December 31, 2019. In accordance with ASC 260-10-45 shares which would otherwise be considered dilutive are deemed anti-dilutive when the entity incurs a loss from continuing operations in the period reported.

Options to purchase 643,961 and 701,484 shares of common stock at various prices were outstanding during the three months ended December 31, 2019 and 2018 respectively, but were not included in the computation of diluted EPS because the option exercise price exceeded the market value of the shares. 

Options to purchase 660,872 and 552,337 shares of common stock at various prices were outstanding during the nine months ended December 31, 2019 and 2018 respectively, but were not included in the computation of diluted EPS because the option exercise price exceeded the market value of the shares.