Note 6 - Net Income Per Share

9 Months Ended

Dec. 31, 2016

Note

- 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 ,
	2016		201 5		2016		2015
Net income available for shareholders	$	3,252	$	2,597	$	7,540	$	7,178
Weighted average outstanding shares of common stock		3,688		3,614		3,668		3,596
Dilutive effect of stock options		180		172		167		162
Common stock and equivalents		3,868		3,786		3,835		3,758

Net income per share:
Basic	$	0.88	$	0.72	$	2.06	$	2.00
Diluted		0.84		0.69		1.97		1.91

For the

three

and

nine

months ended

December

31,

2016,

3,000

and

110,000

outstanding stock options, respectively, were excluded from the calculation of diluted net income per share because their inclusion would have been anti-dilutive.

For the

three

and

nine

months ended

December

31,

2015,

138,000

and

136,000

outstanding stock options, respectively, were excluded from the calculation of diluted net income per share because their inclusion would have been anti-dilutive.