Note 4 - Net Income Per Share

6 Months Ended

Sep. 30, 2015

NOTE 4. NET INCOME PER SHARE

Net income per basic share is computed based on the weighted-average number of common shares issued and outstanding during each period. Net income per diluted share amounts assume conversion, exercise or issuance of all potential common stock instruments (stock options and warrants). Stock options totaling 4,000 for the quarter and six months ended September 30, 2015 and 4,000 for the quarter and six months ended September 30, 2014 were not included in the computation of diluted earnings per share because the exercise prices were greater than the market price of the common stock. The following table reflects the components of common shares outstanding:

	Quarter Ended Sept. 30
	2015		2014
Weighted average common shares outstanding – basic		4,855,398		4,855,071
Dilutive effect of stock options		2,735		16,958
Shares used in computing net income per share – diluted		4,858,133		4,872,029

	Six Months Ended Sept. 30
	2015		2014
Weighted average common shares outstanding – basic		4,858,557		4,853,068
Dilutive effect of stock options		3,874		15,701
Shares used in computing net income per share – diluted		4,862,431		4,868,769