Earnings (Loss) Per Share

9 Months Ended

Dec. 31, 2012

Earnings (Loss) Per Share

NOTE 2. Earnings (Loss) Per Share

The computation of basic earnings per share is based on the weighted-average number of common shares outstanding during the period. The computation of diluted earnings per share assumes the foregoing as well as the exercise of all dilutive stock options using the treasury stock method. The diluted earnings per share is computed using the same weighted-average number of shares as the basic earnings per share computation.

The components of the denominator for basic earnings per common share and diluted earnings per common share are reconciled as follows.

	Three Months Ended				Nine Months Ended
	December 31, 2012		December 31, 2011		December 31, 2012		December 31, 2011
Basic Earnings per Common Share:
Weighted-average common shares outstanding for basic earnings per share calculation		9,518,000		9,489,000		9,503,000		9,468,000
Diluted Earnings per Common Share:
Weighted-average common shares outstanding		9,518,000		9,489,000		9,503,000		9,468,000
Stock options (a)		74,000		109,000		60,000		129,000
Weighted-average common shares outstanding for diluted earnings per share calculation		9,592,000		9,598,000		9,563,000		9,597,000

(a) During the three and nine month periods ended December 31, 2012, options to purchase 727,000 and 735,000 shares of common stock, respectively, and during the three and nine month periods ended December 31, 2011, options to purchase 376,000 and 264,000 shares of common stock, respectively, were not included in the computation of diluted earnings per share because the exercise prices of these options were greater than the average market price of the common share.