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Net Income Per Share
 12 Months Ended
Mar. 31, 2013
Net Income Per Share  
Net Income Per Share

Note 11.  Net Income Per Share

 

Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period.  Diluted net income per share is computed similarly to basic net income per share, except that it includes the potential dilution that could occur if dilutive securities were exercised.

 

The following table presents a reconciliation of the denominators used in the computation of net income per share - basic and diluted (in thousands, except share data):

 

 

 

Year ended March 31,

 

 

 

2013

 

2012

 

2011

 

Net income available for stockholders

 

$

8,450

 

$

7,919

 

$

6,183

 

 

 

 

 

 

 

 

 

Weighted avg. outstanding shares of common stock

 

3,357

 

3,285

 

3,231

 

Dilutive effect of stock options

 

236

 

177

 

99

 

Common stock and equivalents

 

3,593

 

3,462

 

3,330

 

Net Income per share:

 

 

 

 

 

 

 

Basic

 

$

2.52

 

$

2.41

 

$

1.91

 

Diluted

 

2.35

 

2.29

 

1.86

 

 

For the years ended March 31, 2013, 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.