(Loss) Income Per Common Share

12 Months Ended

Mar. 31, 2016

(Loss) income per common share:

(Loss) Income Per Common Share

10. (Loss) Income Per Common Share

Due to a net loss for the year ended March 31, 2016 and 2015, the weighted average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive. For the year ended March 31, 2014, 35,000 options were excluded from the diluted net income per share calculations because the options are anti-dilutive. Anti-dilutive stock options have a weighted average exercise price of $5.98 at March 31, 2014.

The following is a reconciliation of the number of shares used in the calculation of basic income per share and diluted income per share for the periods ended March 31:

	2016			2015			2014
Net (loss) income	$	(3,979,685	)	$	(340,986	)	$	301,113
Shares outstanding:
Weighted avg. common shares outstanding – basic		2,037,266			2,038,250			2,036,950
Effect of the assumed exercise of dilutive stock options		-			-			5,234
Weighted avg. common shares outstanding – dilutive		2,037,266			2,038,250			2,042,184
(Loss) income per common share:
Basic	$	(1.95	)	$	(0.17	)	$	0.15
Diluted	$	(1.95	)	$	(0.17	)	$	0.15