Earnings (Loss) Per Share

3 Months Ended

Jun. 30, 2014

Earnings (Loss) Per Share

NOTE  2.      Earnings (Loss) Per Share

The computation of basic earnings (loss) 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 loss per share is computed using the same weighted-average number of shares as the basic earnings (loss) per share computation.

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

	June 30, 2014		June 30, 2013
Basic earnings (loss) per Common Share:
Weighted-average common shares outstanding for basic earnings (loss) per share calculation		9,715,000		9,568,000
Diluted earnings (loss) per Common Share:
Weighted-average common shares outstanding		9,715,000		9,568,000
Stock options (a)		-		99,000
Weighted-average common shares outstanding for diluted earnings (loss) per share calculation		9,715,000		9,667,000

(a) During the three month period ended June 30, 2014 all stock options are excluded due to the Company’s net loss and during the three month period ended June 30, 2013, options to purchase 433,000 shares of common stock 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.