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Income Per Common Share
 12 Months Ended
Mar. 31, 2022
Income per common share:  
Income Per Common Share

10. Income Per Common Share

 

The following is a reconciliation of the number of shares used in the calculation of basic income per share and diluted income per share for the years ended March 31:

 

   2022   2021 
Net income  $2,855,066   $155,932 
           
Shares outstanding:          
Weighted avg. common shares outstanding – basic   2,104,896    2,050,678 
Effect of the assumed exercise of dilutive stock options   53,195    11,392 
Weighted avg. common shares outstanding – dilutive   2,158,091    2,062,070 
           
Income per common share:          
Basic  $1.36   $0.08 
Diluted  $1.32   $0.08 

 

For the year ended March 31, 2022, 31,000 shares relating to stock options were excluded from the computation of diluted net income because their inclusion would be anti-dilutive. Anti-dilutive stock options have a weighted average exercise price of $8.51 at March 31, 2022. For the year ended March 31, 2021, no anti-dilutive shares relating to stock options were excluded from the computation of diluted net income.