Note 2 - Earnings Per Common Share

12 Months Ended

Mar. 31, 2013

Earnings Per Share [Text Block]

2.             EARNINGS PER COMMON SHARE

Basic earnings per share has been calculated by dividing net income by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. For each of the years ended March 31, 2013 and 2012, respectively, options to acquire 31,000 shares of common stock were not included in computing earnings per share because their effects were anti-dilutive. The computation of earnings per common share is as follows:

	Year Ended March 31,
	2013		2012
Net income	$	1,669,860	$	1,350,224
Earnings Per Share:
Basic	$	0.68	$	0.55
Diluted	$	0.68	$	0.55
Weighted Average Shares Outstanding:
Basic		2,446,286		2,443,786
Diluted		2,454,368		2,451,209