Net Earnings Per Share

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



	Three Months Ended June 30,
	2019		2018
Net Income Attributable to Air T, Inc. Stockholders	$	1,782,352	$	2,828,694
Income Per Share:
Basic	$	0.79	$	0.92
Diluted	$	0.79	$	0.92
Weighted Average Shares Outstanding:
Basic	2,252,698		3,065,411
Diluted	2,256,868		3,074,547

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 June 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. With respect to our March 31, 2019 Annual Report on Form 10-K, the effect of the stock split on per share amounts and weighted average common shares outstanding for each of the two fiscal years ended March 31, 2019 and March 31, 2018 are as follows:



	Fiscal year ended
	2019		2018
Net Income Attributable to Air T, Inc. Shareholders	1,339,995		2,277,109


Weighted-average common shares outstanding
Basic	3,052,124		3,064,209

Diluted	3,059,838		3,071,528

Basic earnings per common share	$	0.44	$	0.74

Diluted earnings per common share	$	0.44	$	0.74