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Income Per Common Share
 9 Months Ended
Dec. 31, 2023
Income per common share:  
Income Per Common Share

9. Income Per Common Share

 

The following is a reconciliation of the number of shares used in the calculation of basic and diluted net income per share for the three and nine month periods ended December 31, 2023 and 2022:

 

   2023   2022   2023   2022 
   Three Months Ended   Nine Months Ended 
   December 31   December 31 
   2023   2022   2023   2022 
Net income  $345,610   $1,244,785   $1,080,657   $3,755,173 
                     
Shares outstanding:                    
Weighted avg. shares outstanding – basic   2,103,503    2,147,750    2,120,611    2,148,859 
Effect of assumed exercise of dilutive stock options   48,280    57,956    49,097    64,793 
Weighted avg. shares outstanding – dilutive   2,151,783    2,205,706    2,169,708    2,213,652 
                     
Income per common share:                    
Basic  $0.16   $0.58   $0.51   $1.75 
Diluted  $0.16   $0.56   $0.50   $1.70 

 

For the three and nine months ended December 31, 2023, 63,000 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 $15.32 at December 31, 2023. For the three and nine months ended December 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 $18.05 at December 31, 2022.