v2.4.0.8
Weighted Average Shares and Net Income Per Share
 3 Months Ended
Jun. 30, 2013
Weighted Average Shares and Net Income Per Share [Abstract]  
Weighted Average Shares and Net Income Per Share

Note D — Weighted Average Shares and Net Income Per Share

Weighted average basic common shares decreased from 22,626,000 for the quarter ended June 30, 2012 to 21,396,000 for the quarter ended June 30, 2013. Weighted average diluted common and common equivalent shares decreased from 22,852,000 for the quarter ended June 30, 2012 to 21,584,000 for the quarter ended June 30, 2013. The net decrease in both of these weighted share calculations is due to the repurchase of common stock as noted above, offset by an increase in shares outstanding due to the exercise of stock options under the Company’s employee stock option plan.

 

Net income per common and common equivalent shares was computed by dividing net income by the weighted average number of common and common stock equivalents outstanding during the quarter. During the quarter ended June 30, 2013, the Company’s Board of Directors declared a two-for-one stock split in the form of a 100% stock dividend with a record date of June 12, 2013 and a distribution date of June 26, 2013. All prior period share and per share calculations in these financial statements and elsewhere in this report have been retroactively adjusted to reflect this split. The calculations of the basic and diluted weighted shares for the three months ended June 30, 2012 and 2013, are as follows:

 

                 
    Three Months Ended June 30,  
    2012     2013  

Net Income

   $ 6,596,000     $ 8,609,000  
   

 

 

    

 

 

  
     

Basic:

                

Weighted average common shares outstanding

     22,626,000       21,396,000  
   

 

 

    

 

 

  
     

Net Income per share

   $ 0.29     $ 0.40  
   

 

 

    

 

 

  
     

Diluted:

                

Weighted average common shares outstanding

     22,626,000       21,396,000  

Treasury stock impact of stock options

     226,000       188,000  
   

 

 

    

 

 

  

Total common and common equivalent shares

     22,852,000       21,584,000  
   

 

 

    

 

 

  

Net Income per share

   $ 0.29     $ 0.40