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Earnings Per Share
 9 Months Ended
Dec. 31, 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
December 31,		      Nine months ended
December 31,		  
     2014      2013      2014      2013  

Numerator for earnings per share – net income

    $ 3,769,556       $ 3,826,768       $ 13,008,445       $ 13,843,813   
  

 

 

     

 

 

     

 

 

     

 

 

  

Denominator:

Denominator for basic earnings per share – weighted average shares

   12,197,125      12,108,988      12,188,778      12,088,835   

Effect of dilutive securities:

Stock options and other share awards

   178,214      225,191      183,220      197,136   
  

 

 

     

 

 

     

 

 

     

 

 

  

Denominator for diluted earnings per share

   12,375,339      12,334,179      12,371,998      12,285,971   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings per share:

Basic

 $ 0.31    $ 0.32    $ 1.07    $ 1.15   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted

 $ 0.30    $ 0.31    $ 1.05    $ 1.13   
  

 

 

     

 

 

     

 

 

     

 

 

  

For the three months ended December 31, 2014 and 2013, potential shares of common stock from stock options totaling 130,870 and 10,000, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive. For the nine months ended December 31, 2014 and 2013 potential shares of common stock from stock options totaling 83,036 and 10,000, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive.