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EARNINGS PER SHARE | 3 Months Ended
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Jun. 30, 2014
EARNINGS PER SHARE [Abstract] |
EARNINGS PER SHARE |
8. | EARNINGS PER SHARE
Basic earnings per share is computed by dividing net earnings attributable to common shares by the weighted average number of common shares outstanding for the period. Diluted net earnings per share include the potential dilution of securities that could participate in our earnings, but not securities that are anti-dilutive. Certain unvested shares of restricted stock awards (“RSAs”) contain non-forfeitable rights to dividends, whether paid or unpaid. As a result, these RSAs are considered participating securities because their holders have the right to participate in earnings with common stockholders. We use the two-class method to allocate net income between common shares and other participating securities. As of June 30, 2014, we no longer have any unvested shares of RSAs that contained non-forfeitable rights to dividends. In addition, we no longer grant RSAs that contain non-forfeitable rights to dividends. The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net earnings per common share as disclosed in our unaudited condensed consolidated statements of operations for the three months ended June 30, 2014 and June 30, 2013 (in thousands, except per share data).
|  | Three months ended June 30, |
|  | 2014 |  |  | 2013 |
Basic and diluted shares outstanding |  |  |  |  |  |
Weighted average shares outstanding — basic |  |  | 7,504 |  |  |  | 7,914 |
Effect of dilutive shares |  |  | 55 |  |  |  | 71 |
Weighted average shares outstanding — diluted |  |  | 7,559 |  |  |  | 7,985 |
Calculation of earnings per share - basic |  |  |  |  |  |  |  |
Net earnings |  | $ | 9,477 |  |  | $ | 7,850 |
Net earnings attributable to participating securities |  |  | 48 |  |  |  | 123 |
Net earnings attributable to common shareholders |  | $ | 9,429 |  |  | $ | 7,727 |
Earnings per share - basic |  | $ | 1.26 |  |  | $ | 0.98 |
Calculation of earnings per share - diluted |  |  |  |  |  |  |  |
Net earnings attributable to common shareholders— basic |  | $ | 9,429 |  |  | $ | 7,727 |
Add: undistributed earnings attributable to participating securities |  |  | - |  |  |  | - |
Net earnings attributable to common shareholders— diluted |  | $ | 9,429 |  |  | $ | 7,727 |
Earnings per share - diluted |  | $ | 1.25 |  |  | $ | 0.97 |
There were 78,165 and 77,115 unvested RSAs that were excluded from the computation of diluted earnings per share for the three months ended June 30 2014 and 2013, respectively, as the impact of including these shares was anti-dilutive. All unexercised stock options were included in the computations of diluted earnings per share for the three months ended June 30, 2013. As of June 30, 2014, we had no unexercised stock options.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
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