Income Per Common Share

12 Months Ended

Mar. 31, 2024

Income per common share:

Income Per Common Share

8. Income Per Common Share

The following is a reconciliation of the number of shares used in the calculation of basic income per share and diluted income per share for the years ended March 31:

	2024		2023
Net income	$	1,344,952	$	4,662,702
Shares outstanding:
Weighted avg. common shares outstanding – basic		2,114,360		2,146,491
Effect of the assumed exercise of dilutive stock options		46,650		62,172
Weighted avg. common shares outstanding – dilutive		2,161,010		2,208,663
Income per common share:
Basic	$	0.64	$	2.17
Diluted	$	0.62	$	2.11

For the year ended March 31, 2024, 93,000 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 $13.12 at March 31, 2024. For the year ended March 31, 2023, 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 March 31, 2023.