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Condensed Consolidated Statements of Income (Loss) (Unaudited) (As Restated) - USD ($) | 3 Months Ended | 6 Months Ended
--- | --- | ---
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015
Operating Revenues: |  |  |  |  |
Operating Revenues | $ 38,522,990 | $ 44,653,929 | $ 69,016,243 | $ 67,012,449 |
Operating Expenses: |  |  |  |  |
Flight-air cargo | 10,023,521 | 9,399,757 | 18,998,086 | 15,773,666 |
Maintenance-air cargo | 5,264,416 | 5,354,574 | 10,710,320 | 10,562,738 |
Ground equipment sales | 8,759,677 | 15,471,306 | 12,176,001 | 18,600,420 |
Ground support services | 5,762,634 | 5,062,546 | 11,155,302 | 9,778,457 |
Printing equipment and maintenance | 1,116,964 |  | 7,124,731 |  |
Commercial jet engines | 787,539 |  | 787,539 |  |
Leasing | 49,460 |  | 49,460 |  |
Research and development | 239,922 |  | 750,882 |  |
General and administrative | 5,143,446 | 3,658,187 | 10,972,392 | 7,465,115 |
Depreciation, amortization and impairment | 353,672 | 192,504 | 2,343,273 | 371,121 |
Gain on sale of property and equipment |  | 10,405 |  | 5,381 |
| 37,501,251 | 39,149,278 | 75,067,986 | 62,556,898 |
Operating Income (Loss) | 1,021,739 | 5,504,651 | (6,051,743) | 4,455,551 |
Non-operating Income (Expense): |  |  |  |  |
Gain on sale of marketable securities | 429,076 |  | 572,945 |  |
Foreign currency gain, net | 33,096 |  | 124,886 |  |
Other-than-temporary impairment loss on investments |  |  | (1,502,239) |  |
Other investment income, net | 48,269 |  | 90,962 |  |
Interest expense and other | (77,366) | (9,690) | (141,377) | (29,631) |
| 433,075 | (9,690) | (854,823) | (29,631) |
Income (Loss) Before Income Taxes | 1,454,814 | 5,494,960 | (6,906,566) | 4,425,920 |
Income Taxes | 375,000 | 1,701,000 | 3,000 | 1,368,000 |
Net Income (Loss) | 1,079,814 | 3,793,960 | (6,909,566) | 3,057,920 |
Net (Income) Loss Attributable to Non-controlling Interests | 4,288 |  | 2,242,197 |  |
Net Income (Loss) Attributable to Air T, Inc. Stockholders | $ 1,084,102 | $ 3,793,960 | $ (4,667,369) | $ 3,057,920 | [1]
Earnings (Loss) Per Share: |  |  |  |  |
Basic (in dollars per share) | $ 0.53 | $ 1.60 | $ (2.11) | $ 1.29 | [1]
Diluted (in dollars per share) | $ 0.53 | $ 1.58 | $ (2.11) | $ 1.28 | [1]
Weighted Average Shares Outstanding: |  |  |  |  |
Basic (in shares) | 2,042,789 | 2,372,527 | 2,207,658 | 2,372,527 | [1]
Diluted (in shares) | 2,047,976 | 2,397,163 | 2,207,658 | 2,396,460 | [1]
Overnight Air Cargo [Member] |  |  |  |  |
Operating Revenues: |  |  |  |  |
Operating Revenues | $ 17,151,214 | $ 17,385,753 | $ 33,788,379 | $ 30,274,943 |
Ground Equipment Sales [Member] |  |  |  |  |
Operating Revenues: |  |  |  |  |
Operating Revenues | 11,088,877 | 21,283,140 | 15,343,065 | 25,322,377 |
Ground Support Services [Member] |  |  |  |  |
Operating Revenues: |  |  |  |  |
Operating Revenues | 7,038,151 | 5,985,036 | 13,838,193 | 11,415,129 |
Printing Equipment and Maintenance [Member] |  |  |  |  |
Operating Revenues: |  |  |  |  |
Operating Revenues | 1,727,896 |  | 4,287,984 |  |
Commercial Jet Engines [Member] |  |  |  |  |
Operating Revenues: |  |  |  |  |
Operating Revenues | 1,295,107 |  | 1,295,107 |  |
Leasing [Member] |  |  |  |  |
Operating Revenues: |  |  |  |  |
Operating Revenues | $ 221,745 |  | $ 463,515 |  |
[1] | Earnings per common share have been restated for the three and six-month periods ended September 30, 2016. See Note 1A.

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