Earnings Per Share

9 Months Ended

Dec. 31, 2013

Earnings Per Share

NOTE  2.      Earnings 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 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, 2013		December 31, 2012		December 31, 2013		December 31, 2012
Basic earnings per Common Share:
Weighted-average common shares outstanding for basic earnings per share calculation		9,667,000		9,518,000		9,625,000		9,503,000
Diluted earnings per Common Share:
Weighted-average common shares outstanding		9,667,000		9,518,000		9,625,000		9,503,000
Stock options (a)		130,000		74,000		108,000		60,000
Weighted-average common shares outstanding for diluted earnings  per share calculation		9,797,000		9,592,000		9,733,000		9,563,000

(a) During the three and nine month periods ended December 31, 2013, options to purchase 99,000 and 214,000 shares of common stock, respectively, and during the three and nine month periods ended December 31, 2012, options to purchase 727,000 and 735,000 shares of common stock, respectively, were excluded from 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 and the effect of their conversion would be antidilutive.