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CAPITAL STOCK and EARNINGS PER SHARE | 12 Months Ended
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Mar. 31, 2021
CAPITAL STOCK and EARNINGS PER SHARE |
CAPITAL STOCK and EARNINGS PER SHARE | NOTE 6 - CAPITAL STOCK and EARNINGS PER SHARE Common Stock We had 90,000,000 authorized shares of common stock at March 31, 2021 and March 31, 2020. There were 29,498,662 and 29,354,594 shares of common stock outstanding at March 31, 2021 and March 31, 2020, respectively. Preferred Stock We have 10,000,000 authorized shares of preferred stock and our board of directors has broad power to create one or more series of preferred stock and to designate the rights, preferences, privileges and limitations of the holders of such series. There were no shares of preferred stock outstanding at March 31, 2021 and 2020. Earnings per Share Basic EPS is computed by dividing reported earnings available to stockholders by the weighted average shares outstanding. Diluted EPS also includes the effect of stock options that would be dilutive. The following table provides a reconciliation of the numerators and denominators reflected in the basic and diluted earnings per share computations, as required under FASB ASC 260.
|  | March 31, |  | March 31,
|  | 2021 |  | 2020
Basic EPS |  |  |  |  |  |
Net income (loss) |  | $ | 320,631 |  | $ | (341,569)
Weighted average shares |  |  | 29,447,085 |  |  | 29,258,692
Net income (loss) per share |  | $ | 0.01 |  | $ | (0.01)
Diluted EPS |  |  |  |  |  |
Net income (loss) |  | $ | 320,631 |  | $ | (341,569)
Dilutive effect of stock options |  |  | 1,588,270 |  |  | —
Weighted average shares |  |  | 31,035,355 |  |  | 29,258,692
Net income (loss) per share |  | $ | 0.01 |  | $ | (0.01)
All potential common stock equivalents that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the year ended March 31, 2021 there were 49,000 of potential common stock equivalents that were out-of-the-money and were not included in the EPS calculations. For the fiscal year ended March 31, 2020, there were 2,966,000 of potentially anti-dilutive stock options, none of which were included in the EPS calculations above.

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