Note 2 - Earnings Per Common Share (As Restated)

12 Months Ended

Mar. 31, 2016

Notes to Financial Statements

Earnings Per Share [Text Block]

2. EARNINGS PER COMMON SHARE (AS RESTATED)

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 the year ended

March 31, 2016

all options to acquire shares of Air T, Inc. common stock were included in computing earnings per share because their effects were dilutive. The computation of earnings per common share is as follows:

	Year Ended March 31,
	2016		2015
	(As Restated)*
Net earnings attributable to Air T, Inc. Stockholders, as previously reported	$	4,943,065	$	2,483,926
Net earnings attributable to Air T, Inc. Stockholders, as restated	$	4,413,910	$	2,483,926
Earnings Per Share:
Basic, as previously reported	$	2.08	$	1.05
Basic, as restated	$	1.86	$	1.05
Diluted, as previously reported	$	2.06	$	1.04
Diluted, as restated	$	1.84	$	1.04
Weighted Average Shares Outstanding:
Basic		2,372,527		2,359,610
Diluted		2,396,824		2,379,928

* Earnings per common share have been restated for the year ended

March 31, 2016.

See Note

1A.