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Earnings Per Common Share
 12 Months Ended
Mar. 31, 2012
Earnings Per Common Share [Abstract]  
Earnings Per Common Share

NOTE 11 — EARNINGS PER COMMON SHARE

The following is a reconciliation of basic and diluted earnings per common share for the respective years:

 

 

                         
    Year Ended Fiscal March  
    2012     2011     2010  

Numerator for earnings per common share calculation:

                        

Net Income

   $ 54,612     $ 45,841     $ 33,191  

Less: Preferred stock dividends

     (266 )      (213 )      (172 ) 
   

 

 

    

 

 

    

 

 

  

Income available to common stockholders

   $ 54,346     $ 45,628     $ 33,019  
   

 

 

    

 

 

    

 

 

  
       

Denominator for earnings per common share calculation:

                        

Weighted average common shares, basic

     30,716       30,200       29,508  

Effect of dilutive securities:

                        

Preferred stock

     760       760       760  

Stock options

     761       847       710  
   

 

 

    

 

 

    

 

 

  

Weighted average common shares, diluted

     32,237       31,807       30,978  
   

 

 

    

 

 

    

 

 

  

Basic earnings per common share:

   $ 1.77     $ 1.52     $ 1.12  
   

 

 

    

 

 

    

 

 

  

Diluted earnings per common share:

   $ 1.69     $ 1.44     $ 1.07  
   

 

 

    

 

 

    

 

 

  

The computation of diluted earnings per common share for fiscal years 2012, 2011 and 2010 excludes the effect of assumed exercise of approximately 682,000, 705,000 and 150,000, respectively, of stock options, as the exercise price of these options was greater than the average market value of the Company’s Common Stock for those periods, resulting in an anti-dilutive effect on diluted earnings per share.