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Net Income Per Common Share
 9 Months Ended
Dec. 31, 2011
Net Income Per Common Share  
Net Income Per Common Share

5.              Net Income Per Common Share

 

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 uses the treasury stock method to compute the weighted average common stock outstanding assuming the conversion of potentially dilutive common shares.

 

The following table presents a reconciliation of the denominators used in the computation of net income per common share - basic and diluted:

 

 

 

Three Months Ended
December 31,

 

Nine Months Ended
December 31,

 

(Amounts in thousands except earnings per share)

 

2011

 

2010

 

2011

 

2010

 

Net income available for shareholders

 

$

1,987

 

$

1,258

 

$

5,720

 

$

4,006

 

Weighted average outstanding shares of common stock

 

3,286

 

3,234

 

3,280

 

3,226

 

Dilutive effect of stock options

 

212

 

121

 

174

 

90

 

Common stock and equivalents

 

3,498

 

3,355

 

3,454

 

3,316

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.60

 

$

0.39

 

$

1.74

 

$

1.24

 

Diluted

 

$

0.57

 

$

0.37

 

$

1.66

 

$

1.21

 

 

For the three and nine months ended December 31, 2011 and 2010, no shares and no 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.