Note 3 - Net Earnings Per Share

9 Months Ended

Dec. 31, 2014

Notes to Financial Statements

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 and director 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,
	2014		2013		2014		2013
Net earnings	$	1,448,453	$	454,897	$	3,339,551	$	1,049,518
Earnings Per Share:
Basic	$	0.61	$	0.19	$	1.42	$	0.43
Diluted	$	0.61	$	0.19	$	1.41	$	0.43
Weighted Average Shares Outstanding:
Basic		2,357,637		2,408,198		2,355,901		2,433,544
Diluted		2,381,214		2,441,569		2,373,500		2,458,040

For the nine months ended December 31, 2013, options to acquire 10,000 shares of common stock were not included in computing diluted earnings per common share because their effects were anti-dilutive. No options for the three months ended December 31, 2014 and 2013 and nine months ended December 31, 2014 were anti-dilutive.