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Earnings Per Share
 6 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share

3. Earnings Per Share

Basic earnings per share is calculated by dividing the reported net income for the period by the weighted average number of shares of common stock outstanding. Diluted earnings per share includes the effect of dilutive options and other share awards. Basic and diluted earnings per share have been computed as follows:

 

     Three months ended
September 30,		      Six months ended
September 30,		  
     2014      2013      2014      2013  

Numerator for earnings per share – net income

    $ 4,329,701       $ 4,316,552       $ 9,238,889       $ 10,017,045   
  

 

 

     

 

 

     

 

 

     

 

 

  

Denominator:

            

Denominator for basic earnings per share – weighted average shares

      12,190,800         12,092,246         12,184,581         12,078,703   

Effect of dilutive securities:

Stock options and other share awards

      173,903         222,995         186,254         194,879   
  

 

 

     

 

 

     

 

 

     

 

 

  

Denominator for diluted earnings per share

      12,364,703         12,315,241         12,370,835         12,273,582   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings per share:

            

Basic

    $ 0.36       $ 0.36       $ 0.76       $ 0.83   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted

    $ 0.35       $ 0.35       $ 0.75       $ 0.82   
  

 

 

     

 

 

     

 

 

     

 

 

  

For the three months ended September 30, 2014 and 2013, potential shares of common stock from stock options totaling 92,663 and 10,000, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive. For the six months ended September 30, 2014 and 2013 potential shares of common stock from stock options totaling 58,989 and 78,559, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive.