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Earnings Per Share | 6 Months Ended
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Sep. 30, 2020
Earnings Per Share [Abstract] |
Earnings Per Share | 3. Earnings Per Share The Company has granted stock compensation awards with nonforfeitable dividend rights which are considered participating securities. Earnings per share is calculated using the two-class method, as such awards are more dilutive under this method than the treasury stock method. Basic earnings per share is calculated by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period, which excludes the participating securities. Diluted earnings per share includes the dilutive effect of additional potential common shares from stock compensation awards. Earnings per share have been computed based on the following weighted average number of common shares outstanding:
|  | Three months ended September 30, (In thousands, except per share amounts) |  |  | Six months ended September 30, (In thousands, except per share amounts) |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 1,267 |  |  | $ | 268 |  |  | $ | 2,697 |  |  | $ | 859 |
Less: Allocation of earnings to participating securities |  |  | (7 | ) |  |  | (1 | ) |  |  | (15 | ) |  |  | (6 | )
Net income allocated to common stock |  | $ | 1,260 |  |  | $ | 267 |  |  | $ | 2,682 |  |  | $ | 853 |
Basic earnings per share computation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income allocated to common stock |  | $ | 1,260 |  |  | $ | 267 |  |  | $ | 2,682 |  |  | $ | 853 |
Weighted average common shares outstanding, including shares considered participating securities |  |  | 7,777 |  |  |  | 7,859 |  |  |  | 7,766 |  |  |  | 7,881 |
Less: Weighted average participating securities outstanding |  |  | (46 | ) |  |  | (70 | ) |  |  | (44 | ) |  |  | (61 | )
Weighted average shares of common stock |  |  | 7,731 |  |  |  | 7,789 |  |  |  | 7,722 |  |  |  | 7,820 |
Basic earnings per share |  | $ | 0.16 |  |  | $ | 0.03 |  |  | $ | 0.34 |  |  | $ | 0.11 |
Diluted earnings per share computation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income allocated to common stock |  | $ | 1,260 |  |  | $ | 267 |  |  | $ | 2,682 |  |  | $ | 853 |
Undistributed earnings re-allocated to participating securities |  |  | 7 |  |  |  | — |  |  |  | 15 |  |  |  | — |
Numerator for diluted earnings per share |  | $ | 1,267 |  |  | $ | 267 |  |  | $ | 2,697 |  |  | $ | 853 |
Weighted average common shares outstanding for basic earnings per share |  |  | 7,731 |  |  |  | 7,789 |  |  |  | 7,722 |  |  |  | 7,820 |
Incremental shares from stock options |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 1 |
Weighted average shares and dilutive potential common shares |  |  | 7,731 |  |  |  | 7,790 |  |  |  | 7,722 |  |  |  | 7,821 |
Diluted earnings per share |  | $ | 0.16 |  |  | $ | 0.03 |  |  | $ | 0.34 |  |  | $ | 0.11 |

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