AVERAGE SHARE INFORMATION

9 Months Ended

Dec. 31, 2011

AVERAGE SHARE INFORMATION [Abstract]

AVERAGE SHARE INFORMATION

NOTE 6 – AVERAGE SHARE INFORMATION

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

	Three months ended				Nine months ended
	December 31,				December 31,
	2011		2010		2011		2010
Basic:
Weighted average common shares outstanding (denominator)		14,747,139		15,704,165		15,046,415		15,828,309
Diluted:
Weighted average common shares outstanding		14,747,139		15,704,165		15,046,415		15,828,309
Dilutive potential common shares		372,540		399,317		395,233		374,924
Conversion premium on convertible notes		-		-		11,925		-
Weighted average diluted shares outstanding (denominator)		15,119,679		16,103,482		15,453,573		16,203,233

Options to purchase 47,219 and 48,917 shares of common stock at various prices were outstanding during the three months ended December 31, 2011 and 2010, respectively, but were not included in the computation of diluted earnings per share (“EPS”) because the options are anti-dilutive. Options to purchase 16,468 and 21,554 shares of common stock at various prices were outstanding during the nine months ended December 31, 2011 and 2010, respectively, but were not included in the computation of diluted EPS because the options were anti-dilutive.

During the three months and the nine months ended December 31, 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.