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Note 5 - Net Earnings Per Share (As Restated) | 6 Months Ended
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Sep. 30, 2016
Notes to Financial Statements |
Earnings Per Share [Text Block] |
5. | Net Earnings Per Share (As Restated)
Basic earnings per share have been calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under employee and director stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. The computation of basic and diluted earnings per common share is as follows:
|  | Three Months Ended September 30, |  |  | Six Months Ended September 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
|  | (As Restated)* |  |  |  |  |  |  | (As Restated)* |  |  |  |  |
Net earnings attributable to Air T, Inc. Stockholders, as previously stated |  | $ | 1,068,549 |  |  | $ | 3,793,960 |  |  | $ | (2,607,753 | ) |  | $ | 3,057,920 |
Net earnings attributable to Air T, Inc. Stockholders, as restated |  | $ | 1,084,102 |  |  | $ | 3,793,960 |  |  | $ | (4,667,369 | ) |  | $ | 3,057,920 |
Loss Per Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic, as previously stated |  | $ | 0.52 |  |  | $ | 1.60 |  |  | $ | (1.18 | ) |  | $ | 1.29 |
Basic, as restated |  | $ | 0.53 |  |  | $ | 1.60 |  |  | $ | (2.11 | ) |  | $ | 1.29 |
Diluted, as previously stated |  | $ | 0.52 |  |  | $ | 1.58 |  |  | $ | (1.18 | ) |  | $ | 1.28 |
Diluted, as restated |  | $ | 0.53 |  |  | $ | 1.58 |  |  | $ | (2.11 | ) |  | $ | 1.28 |
Weighted Average Shares Outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 2,042,789 |  |  |  | 2,372,527 |  |  |  | 2,207,658 |  |  |  | 2,372,527 |
Diluted |  |  | 2,047,976 |  |  |  | 2,397,163 |  |  |  | 2,207,658 |  |  |  | 2,396,460 |
* Earnings per common share have been restated for the three and six -month periods ended September 30, 2016. See Note 1A.
The Company reported a net loss for the six -month period ended September 30, 2016. As a result of the net loss, there is no potential dilutive effect of outstanding stock options for that period.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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