Earnings Per Share

6 Months Ended

Sep. 30, 2015

NOTE 2. Earnings Per Share

The computation of basic earnings per share is based on the weighted-average number of common shares outstanding during the period. 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, 2015		September 30, 2014		September 30, 2015		September 30, 2014
Basic earnings per Common Share:
Weighted-average common shares outstanding for basic earnings per share calculation		9,876,000		9,766,000		9,859,000		9,741,000

Diluted earnings per Common Share:
Weighted-average common shares outstanding		9,876,000		9,766,000		9,859,000		9,741,000
Stock options (a)		301,000		196,000		235,000		196,000
Weighted-average common shares outstanding for diluted earnings per share calculation		10,177,000		9,962,000		10,094,000		9,937,000

(a)

During the three and six month periods ended September 30, 2015, options to purchase 50,000 and 128,750 shares of common stock, respectively, and during the three and six month periods ended September 30, 2014, options to purchase 207,500 shares of common stock were excluded from 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 and the effect of their conversion would be antidilutive.