EARNINGS PER SHARE (EPS)

6 Months Ended

Sep. 30, 2015

NOTE 17 - EARNINGS PER SHARE (EPS)

Basic EPS is computed by dividing reported earnings available to stockholders by the weighted average shares outstanding. Diluted EPS also includes the effect of dilutive potential common share equivalents, which consist of convertible preferred stock and stock options. The following table provides a reconciliation of the numerators and denominators reflected in the basic and diluted earnings per share computations, as required under FASB ASC 260.

	Three Months ended September 30, 2015		Three Months ended September 30, 2014			Six Months ended September 30, 2015		Six Months ended September 30, 2014
Basic EPS
Net income (loss)	$	254,606	$	(648,770	)	$	460,957	$	(1,919,839	)
Weighted average number of shares outstanding	26,113,433		24,669,958			25,460,435		24,336,018
Basic income (loss) per share	$	0.01	$	(0.03	)	$	0.02	$	(0.08	)
Diluted EPS
Net income (loss)	$	254,606	$	(648,770	)	$	460,957	$	(1,919,839	)
Dilutive effect of stock options, warrants and preferred stock	143,969		—			43,107		—
Diluted weighted average shares	26,257,402		24,669,958			25,503,542		24,336,018
Diluted income (loss) per share	$	0.01	$	(0.03	)	$	0.02	$	(0.08	)

All potential common share equivalents that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the three and six month periods ended September 30, 2015, there were, respectively, 2,630,837 and 3,407,066 potential common share equivalents that were out-of-the-money and were not included in the EPS calculations above. For the three and six months ended September 30, 2014, there were, respectively, 2,105,467 and 2,491,658 anti-dilutive potential common stock equivalents, which were not included in the EPS calculations above.