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Note 4 - Net Earnings (Loss) Per Share (As Restated) | 3 Months Ended
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Jun. 30, 2016
Notes to Financial Statements |
Earnings Per Share [Text Block] |
4. | Net Earnings (Loss) Per Share (As Restated)
Basic earnings (loss) per share was 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 (loss) per common share is as follows:
|  | Three Months Ended June 30, |
|  | 2016 |  |  | 2015 |
|  | (As Restated)* |  |  |  |  |
Net loss attributable to Air T, Inc. Stockholders as previously stated |  | $ | (3,676,302 | ) |  | $ | (736,040 | )
Net loss attributable to Air T, Inc. Stockholders as restated |  | $ | (5,751,471 | ) |  | $ | (736,040 | )
Loss Per Share: |  |  |  |  |  |  |  |
Basic, as previously stated |  | $ | (1.55 | ) |  | $ | (0.31 | )
Basic, as restated |  | $ | (2.42 | ) |  | $ | (0.31 | )
Diluted, as previously stated |  | $ | (1.55 | ) |  | $ | (0.31 | )
Diluted, as restated |  | $ | (2.42 | ) |  | $ | (0.31 | )
Weighted Average Shares Outstanding: |  |  |  |  |  |  |  |
Basic |  |  | 2,372,527 |  |  |  | 2,372,527 |
Diluted |  |  | 2,372,527 |  |  |  | 2,372,527 |
* Earnings per common share have been restated for the three -month period ended June 30, 2016. See Note 1A.
The Company reported a net loss for the three -month periods ended June 30, 2016 and 2015. As a result of the net loss, there is no potential dilutive effect of outstanding stock options. See Note 14 for a description of a transaction subsequent to June 30, 2016 that caused a reduction in the Company’s outstanding shares. Had this transaction occurred during the quarter ended June 30, 2016, basic and diluted net loss per share would have been higher than as presented above.

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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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