Note 4 - Net Income Per Share

6 Months Ended

Sep. 30, 2016

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 exercise of all stock options. Stock options totaling 6,000 for the quarter and 14,000 for the six months ended September 30, 2016 and 4,000 for the quarter and six months ended September 30, 2015 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 tables show the components of diluted shares:

	Quarter Ended Sept. 30
	2016		2015
Weighted average common shares outstanding – basic		4,835,564		4,855,398
Dilutive effect of stock options		2,255		2,735
Shares used in computing net income per share – diluted		4,837,819		4,858,133

	Six Months Ended Sept. 30
	2016		2015
Weighted average common shares outstanding – basic		4,835,289		4,858,557
Dilutive effect of stock options		2,004		3,874
Shares used in computing net income per share – diluted		4,837,293		4,862,431