AVERAGE SHARE INFORMATION

6 Months Ended

Sep. 30, 2011

AVERAGE SHARE INFORMATION [Abstract]

NOTE 6 – AVERAGE SHARE INFORMATION

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

	Three months ended				Six months ended
	September 30,				September 30,

	2011		2010		2011		2010
Basic:
Weighted average common shares outstanding (denominator)		14,915,026		15,653,612		15,196,871		15,890,720

Diluted:
Weighted average common shares outstanding		14,915,026		15,653,612		15,196,871		15,890,720
Dilutive potential common shares
Stock options		403,060		369,459		404,051		345,148
Conversion premium on convertible notes		9,609		-		17,920		-
Weighted average diluted shares outstanding (denominator)		15,327,695		16,023,071		15,618,842		16,235,868

During the three months and the six months ended September 30, 2011 and 2010, the warrants related to the convertible notes payable were not included in the computation of dilutive earnings per share because the effect of such instruments was anti-dilutive. The warrants have a strike price of $73.97 and are generally exercisable at any time through February 9, 2012. The Company issued and sold the warrants in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended, by virtue of section 4(2) thereof. There were no underwriting commissions or discounts in connection with the sale of the warrants.

During the three months ended September 30, 2011 and 2010 there were no anti-dilutive shares.

During the six months ended September 30, 2011 there were no anti-dilutive shares. Options to purchase 804 shares of common stock at various prices were outstanding during the six months ended September 30, 2010, but were not included in the computation of diluted EPS because the options were anti-dilutive.