Net Loss per Common Share Data

12 Months Ended

Mar. 31, 2012

Net Loss per Common Share Data [Abstract]

Net Loss per Share Data

Note 10.                 Net Income (Loss) per Common Share Data.

The following is a reconciliation of the numerators and denominators used in computing basic and diluted net income (loss) per common share for the years ended March 31, 2012 and 2011:

(In thousands, except per share data)	2012			2011
Net income	$	88		$	1,714
Dividend on Series B Preferred		(3,272	)		(2,930	)
Deemed dividend on Series C Preferred		-			(359	)
Net loss applicable to common shareholders - basic and diluted numerator	$	(3,184	)	$	(1,575	)
Weighted-average common shares outstanding - basic denominator		255,856			110,310
Effect of dilutive securities		-			-
Weighted-average common shares outstanding - diluted denominator		255,856			110,310
Net loss per common share:
Basic and diluted net loss per common share	$	(0.01	)	$	(0.01	)

Outstanding common stock options and warrants not included in the computation of diluted net loss per common share totaled 12,957,000 and 21,056,000, respectively, for the years ended March 31, 2012 and 2011, as their effect would be antidilutive.

On November 18, 2010, our authorized number of shares of common stock was increased from 100,000,000 to 500,000,000 which allowed for the conversion in full of the outstanding shares of Series C Preferred, each of which converted into 1,000 shares of common stock.  Image's 202,066.6 outstanding shares of Series C Preferred converted into 202,066,600 shares of common stock.