4.	Net Earnings Per Share (As R estated)

Basic earnings per share have been calculated by dividing net earnings 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 per common share

is as follows:

	Three Months Ended December 31,				Nine Months Ended December 31,
	2015		2014		2015		2014
	(As Restated)*				(As Restated)*

Net earnings attributable to Air T, Inc. Stockholders, as previously stated	$	2,971,340	$	1,448,453	$	6,029,260	$	3,339,551
Net earnings attributable to Air T, Inc. Stockholders, as restated	$	2,725,710	$	1,448,453	$	5,783,630	$	3,339,551
Earnings Per Share:
Basic, as previously stated	$	1.25	$	0.61	$	2.54	$	1.42
Basic, as restated	$	1.15	$	0.61	$	2.44	$	1.42
Diluted, as previously stated	$	1.24	$	0.61	$	2.52	$	1.41
Diluted, as restated	$	1.14	$	0.61	$	2.41	$	1.41
Weighted Average Shares Outstanding:
Basic		2,372,527		2,357,637		2,372,527		2,355,901
Diluted		2,396,999		2,381,214		2,396,645		2,373,500

* Earnings per common share have been restated for the

three

and

nine

-month periods ended

December 31, 2015.

See Note

1A.

For the

three

and

nine

-month periods ended

December 31, 2015

and

2014,

there were

stock options outstanding that were anti-dilutive.