Income Per Common Share

9 Months Ended

Dec. 31, 2022

Income per common share:

Income Per Common Share

9. Income Per Common Share

The following is a reconciliation of the number of shares used in the calculation of basic and diluted net income per share for the three and nine month periods ended December 31, 2022 and 2021:

	Three Months Ended				Nine Months Ended
	December 31				December 31
	2022		2021		2022		2021
Net income	$	1,244,785	$	753,302	$	3,755,173	$	1,857,136
Shares outstanding:
Weighted avg. shares outstanding – basic		2,147,750		2,120,912		2,148,859		2,096,433
Effect of assumed exercise of dilutive stock options		57,956		55,328		64,793		50,284
Weighted avg. shares outstanding – dilutive		2,205,706		2,176,240		2,213,652		2,146,717
Income per common share:
Basic	$	0.58	$	0.36	$	1.75	$	0.89
Diluted	$	0.56	$	0.35	$	1.70	$	0.89

For the three months ended December 31, 2022, 31,000 shares relating to stock options were excluded from the computation of diluted net income because their inclusion would be anti-dilutive. Anti-dilutive stock options have a weighted average exercise price of $18.05 at December 31, 2022.

For the three and nine months ended December 31, 2021, 31,000 shares relating to stock options were excluded from the computation of diluted net income because their inclusion would be anti-dilutive. Anti-dilutive stock options have a weighted average exercise price of $8.51 at December 31, 2021.