Income Per Common Share

9 Months Ended

Dec. 31, 2024

Income per common share:

Income Per Common Share

9. Income Per Common Share

The following is a reconciliation of the number of shares used in the calculation of basic and diluted net income per share for the three and nine month periods ended December 31, 2024 and 2023:

	Three Months Ended				Nine Months Ended
	December 31				December 31
	2024		2023		2024		2023
Net income	$	469,133	$	345,610	$	1,077,370	$	1,080,657
Shares outstanding:
Weighted avg. shares outstanding – basic		2,046,000		2,103,503		2,070,086		2,120,611
Effect of assumed exercise of dilutive stock options		45,808		48,280		44,850		49,097
Weighted avg. shares outstanding – dilutive		2,091,808		2,151,783		2,114,936		2,169,708
Income per common share:
Basic	$	0.23	$	0.16	$	0.52	$	0.51
Diluted	$	0.22	$	0.16	$	0.51	$	0.50

For the three and nine months ended December 31, 2024, 60,500 shares relating to stock options were excluded from the computation of diluted net income because their inclusion would be anti-dilutive. Anti-dilutive stock options have a weighted average exercise price of $15.34 at December 31, 2024. For the three and nine months ended December 31, 2023, 63,000 shares relating to stock options were excluded from the computation of diluted net income because their inclusion would be anti-dilutive. Anti-dilutive stock options have a weighted average exercise price of $15.32 at December 31, 2023.