Note 4 - Net Earnings Per Share (As Restated)

9 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Earnings Per Share [Text Block]

4. Net Earnings Per Share (As Restated)

Basic earnings per share have been calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during the respective 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,
	2016		2015		2016			2015
	(As Restated)*		(As Restated)*		(As Restated)*			(As Restated)*
Net earnings attributable to Air T, Inc. Stockholders, as previously stated	$	856,105	$	2,971,340	$	(1,751,648	)	$	6,029,260
Net earnings attributable to Air T, Inc. Stockholders, as restated	$	1,220,037	$	2,725,710	$	(3,447,332	)	$	5,783,630
Earnings (Loss) per share:
Basic, as previously stated	$	0.42	$	1.25	$	(0.81	)	$	2.54
Basic, as restated	$	0.60	$	1.15	$	(1.60	)	$	2.44
Diluted, as previously stated	$	0.42	$	1.24	$	(0.81	)	$	2.52
Diluted, as restated	$	0.60	$	1.14	$	(1.60	)	$	2.41
Weighted average shares outstanding:
Basic		2,042,789		2,372,527		2,152,301			2,372,527
Diluted		2,047,637		2,396,999		2,152,301			2,396,645

* Earnings per common share have been restated for the

three

and

nine

-month periods ended

December 31, 2016

and

2015.

See Note

1A.

The Company reported a net loss for the

nine

-month period ended

December 31, 2016.

As a result of the net loss, there is

no

potential dilutive effect of outstanding stock options for that period.