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Earnings Per Share
 12 Months Ended
Mar. 31, 2012
Earnings Per Share  
Earnings Per Share

11.  Earnings Per Share

 

Basic earnings per share is calculated using the average number of common shares outstanding. Diluted earnings per share is computed on the basis of the average number of common shares outstanding plus the effect of outstanding stock options using the treasury stock method.

 

Basic net income per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per common share is computed using the treasury stock method to compute the weighted average common stock outstanding assuming the conversion of potentially dilutive common shares.

 

The following table summarizes our net income per common share calculation:

 

 

 

Year ended March 31,

 

(Amounts in thousands except earnings per share)

 

2012

 

2011

 

Net income available for shareholders

 

$

7,919

 

$

6,183

 

 

 

 

 

 

 

Weighted avg. outstanding shares of common stock

 

3,285

 

3,231

 

Dilutive effect of stock options

 

177

 

99

 

Common stock and equivalents

 

3,462

 

3,330

 

Earnings per share:

 

 

 

 

 

Basic

 

$

2.41

 

$

1.91

 

Diluted

 

2.29

 

1.86

 

 

For the years ended March 31, 2012 and 2011, no shares attributable to outstanding stock options 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.