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Note 6 - Net Income Per Share
 3 Months Ended
Jun. 30, 2015
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

  
   

June 30,

  
   

2015

    

2014

  

Net income available for stockholders

   $ 2,306     $ 1,881  

Weighted average outstanding shares of common stock

     3,575       3,501  

Dilutive effect of stock options

     111       155  

Common stock and equivalents

     3,686       3,656  
                 

Net income per share:

                

Basic

   $ 0.65     $ 0.54  

Diluted

     0.63       0.51  

For the three months ended June 30, 2015 and 2014, 295,000 and 156,000 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.