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Net Income Per Share
 3 Months Ended
Jun. 30, 2013
Net Income Per Share  
Net Income Per Share

Note 6 - 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 per share data):

 

 

 

Three Months Ended June 30,

 

 

 

2013

 

2012

 

Net income available for stockholders

 

$

1,860

 

$

2,099

 

Weighted average outstanding shares of common stock

 

3,394

 

3,337

 

Dilutive effect of stock options

 

159

 

204

 

Common stock and equivalents

 

3,553

 

3,541

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

Basic

 

$

0.55

 

$

0.63

 

Diluted

 

0.52

 

0.59

 

 

For the three months ended June 30, 2013 and 2012, none and 101,433 outstanding stock options, respectively, were excluded from the calculation of diluted net income 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.