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Income Per Common Share
 12 Months Ended
Mar. 31, 2023
Income per common share:  
Income Per Common Share

8. 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:

 

   2023   2022 
Net income  $4,662,702   $2,855,066 
           
Shares outstanding:          
Weighted avg. common shares outstanding – basic   2,146,491    2,104,896 
Effect of the assumed exercise of dilutive stock options   62,172    53,195 
Weighted avg. common shares outstanding – dilutive   2,208,663    2,158,091 
           
Income per common share:          
Basic  $2.17   $1.36 
Diluted  $2.11   $1.32 

 

For the year ended March 31, 2023, 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 $18.05 at March 31, 2023. 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.