Note 4

9 Months Ended

Nov. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 4 – Basic earnings per share (“EPS”) is computed by dividing net earnings by the weighted average number of common shares outstanding during the period.  Diluted EPS is based on the combined weighted average number of common shares outstanding and dilutive potential common shares issuable which include, where appropriate, the assumed exercise of options. In computing diluted EPS we have utilized the treasury stock method.

The computation of weighted average common and common equivalent shares used in the calculation of basic and diluted earnings per share (“EPS”) is shown below.

Earnings Per Share:
	Three Months Ended November 30,				Nine Months Ended November 30,
	2013		2012		2013		2012
Net earnings applicable to common shareholders	$	547,800	$	525,700	$	670,800	$	1,014,100
Shares:
Weighted average shares outstanding - basic		3,964,830		3,939,592		3,967,092		3,927,462
Assumed exercise of options		-		-		-		-
Weighted average shares outstanding - diluted		3,964,830		3,939,592		3,967,092		3,927,462
Basic Earnings Per Share	$	0.14	$	0.13	$	0.17	$	0.26
Diluted Earnings Per Share	$	0.14	$	0.13	$	0.17	$	0.26
Stock options not considered above because they were antidilutive		11,000		16,000		11,000		16,000

In April 2008, our Board of Directors authorized us to purchase up to 500,000 additional shares of our common stock under a plan initiated in 1998. This plan has no expiration date. During the current quarter of fiscal year 2014, we purchased 26,451 shares of common stock.  The maximum number of shares that can be repurchased in the future is 304,654.