Earnings Per Share

6 Months Ended

Sep. 30, 2011

NOTE 2. Earnings Per Share

The computation of basic earnings per share is based on the weighted-average number of common shares outstanding. The computation of diluted earnings per share assumes the foregoing as well as the exercise of all dilutive stock options using the treasury stock method.

The components of the denominator for basic earnings per common share and diluted earnings per common share are reconciled as follows.


	Three Months Ended				Six Months Ended
	September 30,		September 30,		September 30,		September 30,
	2011		2010		2011		2010

Basic Earnings per Common Share:
Weighted-average common shares outstanding for basic earnings per share calculation		9,470,000		9,400,000		9,457,000		9,398,000


Diluted Earnings per Common Share:
Weighted-average common shares outstanding		9,470,000		9,400,000		9,457,000		9,398,000
Stock options (a)		158,000		12,000		139,000		14,000

Weighted-average common shares outstanding for diluted earnings per share calculation		9,628,000		9,412,000		9,596,000		9,412,000


(a)		During the three and six month periods ended September 30, 2011, options to purchase 195,000 and 208,000 shares of common stock, respectively, and during the three and six month periods ended September 30, 2010, options to purchase 354,000 and 360,000 shares of common stock, respectively, were not included in the computation of diluted earnings per share because the exercise prices of these options were greater than the average market price of the common share.