Note 11 - Net Income Per Share

12 Months Ended

Mar. 31, 2016

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,
	201 6		201 5		201 4
Net income available for shareholders	$	11,169	$	9,583	$	9,000

Weighted average outstanding shares of common stock		3,605		3,521		3,445
Dilutive effect of stock options		152		129		166
Common stock and equivalents		3,757		3,650		3,611
Net Income per share:
Basic	$	3.10	$	2.72	$	2.61
Diluted		2.97		2.63		2.49

For the years ended March 31, 2016, 2015 and 2014, 137,000, 152,000 and zero outstanding stock options, respectively 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 and, therefore, their inclusion would have been anti-dilutive.