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 EPS is shown below.

Earnings Per Share:
	Three Months Ended November 30,				Nine Months Ended November 30,
	2016		2015		2016		2015

Net earnings	$	1,274,200	$	1,258,500	$	2,212,900	$	2,227,500

Shares:

Weighted average shares outstanding - basic		4,079,916		4,055,756		4,074,355		4,044,622
Assumed exercise of options		4,947		4,537		5,478		1,570

Weighted average shares outstanding - diluted		4,084,863		4,060,293		4,079,833		4,046,192

Basic Earnings Per Share	$	0.31	$	0.31	$	0.54	$	0.55
Diluted Earnings Per Share	$	0.31	$	0.31	$	0.54	$	0.55

Our Board of Directors has adopted a stock repurchase plan in which we may purchase up to a total of 3,000,000 shares as market conditions warrant. This plan has no expiration date. During the nine months ended November 30, 2016, we repurchased 23 shares of common stock. The maximum number of shares that can be repurchased in the future is 303,129.