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Earnings Per Share
 3 Months Ended
Jun. 30, 2015
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
June 30,		  
     2015      2014  

Numerator for earnings per share – net income

    $ 3,670,461       $ 4,909,188   
  

 

 

     

 

 

  

Denominator:

      

Denominator for basic earnings per share – weighted average shares

      7,616,293         12,178,293   

Effect of dilutive securities:

      

Stock options and other share awards

      127,469         184,909   
  

 

 

     

 

 

  

Denominator for diluted earnings per share

      7,743,762         12,363,202   
  

 

 

     

 

 

  

Earnings per share:

      

Basic

    $ 0.48       $ 0.40   
  

 

 

     

 

 

  

Diluted

    $ 0.47       $ 0.40   
  

 

 

     

 

 

  

For the three months ended June 30, 2015 and 2014, potential shares of common stock from stock options totaling 155,000 and 90,000, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive. Please see Note 10 – “Tender Offer” for information regarding the decrease of the weighted average shares for the three months ended June 30, 2015.