Note 12 - Net Income Per Share
 12 Months Ended
Mar. 31, 2017
Notes to Financial Statements  
Earnings Per Share [Text Block]
Note
12
. Net Income Per Share
 
Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted net income per share is computed similarly to basic net income per share, except that it includes the potential dilution that could occur if dilutive securities were exercised.
 
The following table presents a reconciliation of the denominators used in the computation of net income per share - basic and diluted (in thousands, except share data):
 
 
 
Year Ended March 31,
 
 
 
201
7
 
 
201
6
 
 
201
5
 
Net income available for shareholders
   $
11,183
     $
11,169
     $
9,583
  
                         
Weighted average outstanding shares of common stock
    
3,679
      
3,605
      
3,521
  
Dilutive effect of stock options
    
165
      
152
      
129
  
Common stock and equivalents
    
3,844
      
3,757
      
3,650
  
Net Income per share:
                        
Basic
   $
3.04
     $
3.10
     $
2.72
 
Diluted
    
2.91
      
2.97
      
2.63
  
 
For the years ended
March 31, 2017,
2016
and
2015,
110,000,
137,000
and
152,000
outstanding stock options, respectively, were excluded from the calculation of diluted earnings per share because the exercise prices of the stock options were greater than or equal to the average price of the common shares and, therefore, their inclusion would have been anti-dilutive.