Note 4 - Net Income Per Share

9 Months Ended

Dec. 31, 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). Stock options totaling 10,000 for the quarter and 4,000 for the nine months ended December 31, 2015 and 4,000 for the nine months ended December 31, 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 Dec. 31
	2015		2014
Weighted average common shares outstanding – basic		4,844,845		4,857,953
Dilutive effect of stock options		2,125		18,121
Shares used in computing net income per share – diluted		4,846,970		4,876,074

	Nine Months Ended Dec. 31
	2015		2014
Weighted average common shares outstanding – basic		4,853,970		4,854,702
Dilutive effect of stock options		3,133		16,568
Shares used in computing net income per share – diluted		4,857,103		4,871,270