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AVERAGE SHARE INFORMATION
 3 Months Ended
Jun. 30, 2020
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 June 30,
20202019
Basic:  
Weighted average common shares outstanding (denominator)6,867,457  8,507,121  
Diluted:  
Weighted average common shares outstanding6,867,457  8,507,121  
Dilutive potential common shares60,664  359,129  
Weighted average diluted shares outstanding (denominator)6,928,121  8,866,250  
Options to purchase 642,011 and 683,442 shares of common stock at various prices were outstanding during the three months ended June 30, 2020 and 2019 respectively, but were not included in diluted shares outstanding because the option exercise price exceeded the market value of the shares.