Note 6 - Net Income Per Share

6 Months Ended

Sep. 30, 2015

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 M onths E nded September 30 ,				Six M onths E nded September 30 ,
	2015		201 4		2015		2014
Net income available for shareholders	$	1,752	$	3,060	$	4,058	$	4,941
Weighted average outstanding shares of common stock		3,598		3,508		3,587		3,504
Dilutive effect of stock options		144		132		128		144
Common stock and equivalents		3,742		3,640		3,715		3,648

Net income per share:
Basic	$	0.49	$	0.87	$	1.13	$	1.41
Diluted		0.47		0.84		1.09		1.35

For both the three and six months ended September 30, 2015, $136,000 and $135,000 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 six months ended September 30, 2014, 156,000 and zero 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.