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AVERAGE SHARE INFORMATION
 9 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
AVERAGE SHARE INFORMATION AVERAGE SHARE INFORMATION
The following is a summary of the basic and diluted average common shares outstanding:
Three months ended December 31,Nine months ended December 31,
2020201920202019
Basic:  
Weighted average common shares outstanding (denominator)6,233,961 7,220,938 6,593,135 7,842,689 
Diluted:  
Weighted average common shares outstanding6,233,961 7,220,938 6,593,135 7,842,689 
Dilutive potential common shares218,424 — 150,514 320,618 
Weighted average diluted shares outstanding (denominator)6,452,385 7,220,938 6,743,649 8,163,307 

Options to purchase 629,086 and 643,961 shares of common stock at various prices were outstanding during the three months ended December 31, 2020 and 2019 respectively, but were not included in diluted shares outstanding because the option exercise price exceeded the market value of the shares. 
Options to purchase 636,118 and 660,872 shares of common stock at various prices were outstanding during the nine months ended December 31, 2020 and 2019 respectively, but were not included in diluted shares outstanding because the option exercise price exceeded the market value of the shares.