Net Income per Common Share

6 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Net Income per Common Share

Basic earnings per common share are computed based on the weighted average number of common shares outstanding during the periods presented. Diluted earnings per common share is computed based on the weighted average number of common shares outstanding plus the effect of stock options and other potentially dilutive common stock equivalents. The dilutive effect of stock options and other potentially dilutive common stock equivalents is determined using the treasury stock method based on the Company’s average stock price.

Diluted income per common share for the three and six months ended September 30, 2012 excludes 97,000 shares issuable upon the exercise of outstanding “out-of-the-money” stock options and 25,000 shares issuable upon the exercise of “in-the-money” stock options as their impact on our net loss is anti-dilutive. Diluted income per common share for the three and six months ended September 3, 2011 excludes 25,000 shares issuable upon the exercise of “in-the-money” stock options as their impact on our net loss is anti-dilutive. As a result, basic and diluted weighted average common shares outstanding are identical for the three and six month periods ended September 30, 2012 and 2011. A reconciliation of the weighted average shares of common stock utilized in the computation of basic and diluted earnings per share for the three and six month periods ended September 30, 2012 and 2011, is as follows:

	Three Months Ended September 30,				Six Months Ended September 30,
	2012		2011		2012		2011
Weighted average number of common shares outstanding for basic EPS		2,314,714		2,387,887		2,320,655		2,387,887
Shares issued upon the assumed exercise of outstanding stock options		-		-		-		-
Weighted average number of common and common equivalent shares outstanding for diluted EPS		2,314,714		2,387,887		2,320,655		2,387,887