EARNINGS PER SHARE (EPS)

12 Months Ended

Mar. 31, 2017

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 stock options that would be dilutive. 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.

	March 31,		March 31,
	2017		2016
Basic EPS
Net Income	$	5,080,169	$	1,358,454
Weighted average shares		27,908,155		26,392,514
Basic Income per share	$	0.18	$	0.05
Diluted EPS
Net Income	$	5,080,169	$	1,358,454
Dilutive effect of stock options		702,919		180,223
Diluted weighted average shares		28,611,074		26,572,737
Diluted Income per share	$	0.18	$	0.05

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. There were 1,472,668 of potential common stock equivalents that were out-of-the-money and were not included in the EPS calculations above for the year ended March 31, 2017. For the year ended March 31, 2016 there were 1,368,500 of potentially anti-dilutive stock options, none of which were included in the EPS calculations above.