Note 6 - Net Income Per Share

9 Months Ended

Dec. 31, 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 December 31 ,				Nine M onths E nded December 31 ,
	2015		201 4		2015		2014
Net income available for shareholders	$	2,361	$	2,403	$	6,419	$	7,344
Weighted average outstanding shares of common stock		3,614		3,532		3,596		3,513
Dilutive effect of stock options		141		122		133		136
Common stock and equivalents		3,755		3,654		3,729		3,649

Net income per share:
Basic	$	0.65	$	0.68	$	1.79	$	2.09
Diluted		0.63		0.66		1.72		2.01

For the three and nine months ended December 31, 2015, 91,000 and 136,000 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 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.