AVERAGE SHARE INFORMATION

3 Months Ended

Jun. 30, 2012

AVERAGE SHARE INFORMATION [Abstract]

AVERAGE SHARE INFORMATION

NOTE 5 - AVERAGE SHARE INFORMATION

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

	Three months ended
	June 30,
	2012		2011
Basic:
Weighted average common shares outstanding (denominator)		13,614,838		15,481,814
Diluted:
Weighted average common shares outstanding		13,614,838		15,481,814
Dilutive potential common shares Stock options		287,095		408,599
Conversion premium on convertible notes		-		27,631
Weighted average diluted shares outstanding (denominator)		13,901,933		15,918,044

Options to purchase 215,300 shares of common stock at various prices were outstanding during the three months ended June 30, 2012, respectively, but were not included in the computation of diluted EPS because the option exercise price was antidilutive.

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

During the three months ended June 30, 2011, the warrants related to the Company's former 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, which expired on February 9, 2012, had a strike price of $73.97 and were 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.