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Income (loss) Per Common Share
 3 Months Ended
Jun. 30, 2021
Income (loss) per common share:  
Income (loss) Per Common Share

9. Income (loss) Per Common Share

 

The Company’s basic net income (loss) per share has been computed based on the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share assumes the exercise of all stock options having exercise prices less than the average market price of the common stock during the period using the treasury stock method and is computed by dividing net income (loss) by the weighted average number of common shares and dilutive potential common shares (stock options) outstanding during the period. In periods where losses are reported, the weighted average number of common shares outstanding excludes potential common shares, because their inclusion would be anti-dilutive.

 

The following is a reconciliation of the number of shares used in the calculation of basic and diluted net income (loss) per share for the three-month periods ended June 30, 2021 and 2020.

 

   2021   2020 
Net income (loss)  $395,006   $(299,670)
           
Shares outstanding:          
Weighted average common shares outstanding – basic   2,076,756    2,040,166 
Effect of the assumed exercise of dilutive stock options   43,199    - 
Weighted average common shares outstanding – dilutive   2,119,955    2,040,166 
Income (loss) per common share:          
Basic  $0.19   $(0.15)
Diluted  $0.19   $(0.15)

 

For the three months ended June 30, 2021, no anti-dilutive shares relating to stock options were excluded from the computation of diluted net income. Due to a net loss for the three months ended June 30, 2020, the weighted average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.