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Note 6 - Net Income Per Share
 9 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

Note 6 - 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 per share data):


   

Three Months Ended December 31,

   

Nine Months Ended December 31,

 
   

2014

   

2013

   

2014

   

2013

 

Net income available for shareholders

  $ 2,403     $ 1,746     $ 7,344     $ 5,538  

Weighted average outstanding shares of common stock

    3,532       3,434       3,513       3,414  

Dilutive effect of stock options

    122       203       136       177  

Common stock and equivalents

    3,654       3,637       3,649       3,591  
                                 

Net income per share:

                               

Basic

  $ 0.68     $ 0.51     $ 2.09     $ 1.62  

Diluted

    0.66       0.48       2.01       1.54  

For both the three and nine months ended December 31, 2014, 155,000 and 173,000 outstanding stock options, respectively, were excluded from the calculation of diluted net income per share because the exercise prices of the stock options were greater than or equal to the average price of the common shares and, therefore, their inclusion would have been anti-dilutive.


For both the three and nine months ended December 31, 2013, 27,000 and 60,000 outstanding stock options, respectively, were excluded from the calculation of diluted net income per share because the exercise prices of the stock options were greater than or equal to the average price of the common shares and, therefore, their inclusion would have been anti-dilutive.