Note 4 - Net Earnings Per Share

3 Months Ended

Jun. 30, 2016

4.	Net Earnings (Loss) Per Share

Basic earnings (loss) per share was calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under employee and director stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive.

The computation of basic and diluted earnings (loss) per common share is as follows:

	Three Months Ended June 30,
	2016			2015
Net loss attributable to Air T, Inc. Stockholders	$	(3,676,302	)	$	(736,040	)
Loss Per Share:
Basic	$	(1.55	)	$	(0.31	)
Diluted	$	(1.55	)	$	(0.31	)
Weighted Average Shares Outstanding:
Basic		2,372,527			2,372,527
Diluted		2,372,527			2,372,527

The Company reported a net loss for the three-month periods ended June 30, 2016 and 2015. As a result of the net loss, there is no potential dilutive effect of outstanding stock options.

See Note 14 for a description of a transaction subsequent to June 30, 2016 that caused a reduction in the Company’s outstanding shares. Had this transaction occurred during the quarter ended June 30, 2016, basic and diluted net loss per share would have been higher than as presented above.