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Net Income Per Share
 9 Months Ended
Dec. 31, 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 
December 31,

 

Nine Months Ended 
December 31,

 

 

 

2013

 

2012

 

2013

 

2012

 

Net income available for stockholders

 

$

1,746

 

$

1,543

 

$

5,538

 

$

5,891

 

Weighted average outstanding shares of common stock

 

3,434

 

3,360

 

3,414

 

3,349

 

Dilutive effect of stock options

 

203

 

182

 

177

 

178

 

Common stock and equivalents

 

3,637

 

3,542

 

3,591

 

3,527

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.51

 

$

0.46

 

$

1.62

 

1.76

 

Diluted

 

0.48

 

0.44

 

1.54

 

1.67

 

 

For the three and nine months ended December 31, 2013, 27,000 and 60,000 outstanding stock options, respectively, were excluded from the calculation of diluted net income per share because their inclusion would have been anti-dilutive.  For both the three and nine months ended December 31, 2012, zero outstanding stock options were excluded from the calculation of diluted net income per share because their inclusion would have been anti-dilutive.