Net Earnings Per Share

6 Months Ended

Sep. 30, 2019

Basic earnings per share has been calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. There were 3,151 anti-dilutive securities as of September 30, 2019. The computation of basic and diluted earnings per common share is as follows (in thousands):


	Three Months Ended September 30,						Six Months Ended September 30,
	2019		2018		2019		2018
Net income (loss) from continuing operations	$	(2,122)	$	(779)	$	1,868	$	2,561
Net (income) loss from continuing operations attributable to non-controlling interests	(287)		106		(2,660)		(348)
Net income (loss) from continuing operations attributable to Air T, Inc. stockholders	(2,409)		(673)		(792)		2,213
Income (loss) from continuing operations per share:
Basic	$	(0.80)	$	(0.22)	$	(0.30)	$	0.72
Diluted	$	(0.80)	$	(0.22)	$	(0.30)	$	0.72

Loss from discontinued operations, net of tax	$	(235)	$	(648)	$	(70)	$	(705)
Gain on sale of discontinued operations, net of tax	8,359		—		8,359		—

Gain (loss) from discontinued operations attributable to Air T, Inc. stockholders	8,124		(648)		8,289		(705)

Income (loss) from discontinued operations per share:
Basic	$	2.69	$	(0.21)	$	3.14	$	(0.23)
Diluted	$	2.68	$	(0.21)	$	3.13	$	(0.23)

Weighted Average Shares Outstanding:
Basic	3,025		3,066		2,641		3,066
Diluted	3,029		3,066		2,645		3,074

On June 10, 2019, the Company effected a three-for-two stock split of its common stock in the form of a 50% stock dividend to shareholders of record as of June 4, 2019. All share and earnings per share information have been retroactively adjusted to reflect the stock split and the incremental par value of the newly-issued shares was recorded with the offset to additional paid-in capital.

With respect to our September 30, 2019 Quarterly Report on Form 10-Q, the effect of the stock split was recognized retroactively in the stockholders’ equity accounts in the Condensed Consolidated Balance Sheets, and in all share data in the Condensed Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations.