Earnings Per Share

6 Months Ended

Sep. 30, 2011

18. Earnings Per Share

Basic earnings per common share is computed based on the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed based on the combination of dilutive common share equivalents, comprised of shares issuable under the Company’s share-based compensation plans and the weighted-average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money options to purchase shares, which is calculated based on the average share price for each period using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2011		2010		2011		2010

Net income attributable to Cavco common stockholders	$	1,685	$	680	$	11,907	$	1,198


Weighted average shares outstanding:
Basic		6,890,122		6,541,951		6,864,427		6,541,846
Common stock equivalents — treasury stock method		47,685		205,165		57,031		221,174

Diluted		6,937,807		6,747,116		6,921,458		6,763,020


Net income per share attributable to Cavco common stockholders:
Basic	$	0.24	$	0.10	$	1.73	$	0.18

Diluted	$	0.24	$	0.10	$	1.72	$	0.18

Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the three months ended September 30, 2011 and 2010 were 16,609 and 9,376, respectively. There were 7,387 and 1,856 anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the six months ended September 30, 2011 and 2010, respectively.