Net Earnings Per Share

12 Months Ended

Mar. 31, 2013

Net Earnings Per Share

NOTE 11 — NET EARNINGS PER SHARE:

The following table sets forth the computation of basic and diluted earnings per share for the years ended March 31, 2013 and March 31, 2012:

	2013		2012
	(In thousands, except per share data)
Numerator:
Net income for basic and diluted earnings per share	$	5,999	$	10,634
Denominator:
Denominator for basic earnings per share — weighted average shares		27,130		27,130
Effect of dilutive securities on denominator:
Options		—		—
Denominator for diluted earnings per share — weighted average shares and assumed conversions		27,130		27,130
Net income per share:
Basic and diluted loss per share	$	.22	$	.39

For the year ended March 31, 2013, 50,000 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because the exercise price of the options and warrants exceeded the average price of the common shares, and therefore their inclusion would have been anti-dilutive.