v2.4.0.6
Note 9. Earnings Per Share Reconciliation
 12 Months Ended
Mar. 31, 2012
Earnings Per Share [Text Block]
9.             EARNINGS PER SHARE RECONCILIATION

The following is a reconciliation between basic earnings per share ("EPS") and diluted earnings per share for the year ended March 31, 2012:

   
For the Year Ended March 31, 2012
 
         
Weighted Average
   
Earnings
 
   
Income (loss)
   
Number of Shares
   
per Share
 
   
(Numerator)
   
(Denominator)
   
Amount
 
                   
Basic EPS
  $ 5,039,845       55,783,597     $ 0.09  
                         
Effect of Dilutive Securities:
                       
Options
    -       439,215       0.00  
                         
October 2009 Convertible Debt
    (3,024,501 )     6,002,066       (0.06 )
                         
March 2010 Convertible Debt
    (1,668,351 )     3,500,000       (0.02 )
                         
Diluted EPS
                       
Net income + assumed conversions
  $ 346,993       65,724,878     $ 0.01  

Options to purchase 20,000 shares of common stock at $2.00 per share and 100,000 shares of common stock at $0.50 per share were outstanding during the year ended March 31, 2012 but were not included in the computation of diluted EPS because the options’ exercise price was greater than the average market price of the common shares.