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

potential dilutive effect of outstanding stock options for that period.