Note 3 - Net Earnings Per Share

9 Months Ended

Dec. 31, 2012

Earnings Per Share [Text Block]

3.         Net Earnings Per Share

Basic earnings per share have been calculated by dividing net earnings by the weighted average number of common shares outstanding during each period.  For purposes of calculating diluted earnings per share, shares issuable under employee stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive.

The computation of basic and diluted earnings per common share is as follows:

	Three Months Ended December 31,				Nine Months Ended December 31,
	2012		2011		2012		2011
Net earnings	$	632,760	$	578,728	$	1,277,205	$	1,339,600
Earnings Per Share:
Basic	$	0.26	$	0.24	$	0.52	$	0.55
Diluted	$	0.26	$	0.24	$	0.52	$	0.55
Weighted Average Shares Outstanding:
Basic		2,446,286		2,446,286		2,446,286		2,442,959
Diluted		2,447,349		2,446,286		2,450,837		2,447,440

For the three months ended December 31, 2012 and 2011, respectively, options to acquire 43,500 and 200,000 shares of common stock, and for the nine months ended December 31, 2012 and 2011, respectively, options to acquire 43,500 and 31,000 shares of common stock, were not included in computing diluted earnings per common share because their effects were anti-dilutive.