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Net Income Per Share
 6 Months Ended
Sep. 30, 2012
Net Income Per Share  
Net Income Per Share

Note 7 - Net Income Per Share

 

Basic net income per 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 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 share - basic and diluted (in thousands, except per share data):

 

 

 

Three Months Ended
September 30,

 

Six Months Ended
September 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

Net income available for stockholders

 

$

2,248

 

$

2,053

 

$

4,348

 

$

3,733

 

Weighted average outstanding shares of common stock

 

3,349

 

3,282

 

3,343

 

3,278

 

Dilutive effect of stock options

 

189

 

171

 

188

 

155

 

Common stock and equivalents

 

3,538

 

3,453

 

3,531

 

3,433

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.67

 

$

0.63

 

$

1.30

 

$

1.14

 

Diluted

 

0.64

 

0.59

 

1.23

 

1.09

 

 

For the three and six months ended September 30, 2012, 84,000 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.  No stock options were excluded for the three and six months ended September 30, 2011.