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Note 11 - Net Income Per Share
 12 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

Note 11. Net Income Per Share


Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted net income per share is computed similarly to basic net income per share, except that it includes the potential dilution that could occur if dilutive securities were exercised.


The following table presents a reconciliation of the denominators used in the computation of net income per share - basic and diluted (in thousands, except share data):


   

Year Ended March 31,

 
   

2014

   

2013

   

2012

 

Net income available for stockholders

  $ 9,000     $ 8,450     $ 7,919  
                         

Weighted average outstanding shares of common stock

    3,445       3,357       3,285  

Dilutive effect of stock options

    166       236       177  

Common stock and equivalents

    3,611       3,593       3,462  

Net Income per share:

                       

Basic

  $ 2.61     $ 2.52     $ 2.41  

Diluted

    2.49       2.35       2.29  

For the years ended March 31, 2014, 2013 and 2012, no shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because the exercise prices of the stock options were greater than or equal to the average price of the common shares.