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Net Income (Loss) Per Share
 9 Months Ended
Dec. 31, 2012
Net Income (Loss) Per Share [Abstract]  
Net Income (Loss) Per Share
10. Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share includes the effect, if any, from the potential exercise or conversion of securities, such as stock options and warrants, which would result in the issuance of incremental shares of common stock.

The following presents a reconciliation of basic and diluted net income (loss) per share.

   
Three Months Ended
  
Nine Months Ended
 
 
 
December 31,
  
December 31,
 
 
 
2012
  
2011
  
2012
  
2011
 
Net income (loss)
 $935,000  $(21,827,000) $(17,860,000) $(35,571,000)
Basic shares
  14,463,782   12,517,269   14,283,080   12,417,292 
Effect of dilutive stock options and warrants
  61,831   -   -   - 
Diluted shares
  14,525,613   12,517,269   14,283,080   12,417,292 
Net income (loss) per share:
                
Basic
 $0.06  $(1.74) $(1.25) $(2.86)
Diluted
 $0.06  $(1.74) $(1.25) $(2.86)
 
The effect of dilutive options and warrants excludes (i) 1,500,933 shares subject to options and 735,484 shares subject to warrants with exercise prices ranging from $5.83 to $15.06 per share for the three months ended December 31, 2012, (ii) 1,648,183 shares subject to options and 735,484 shares subject to warrants with exercise prices ranging from $1.80 to $15.06 per share for the nine months ended December 31, 2012, and (iii) 1,442,284 shares subject to options and 546,283 shares subject to warrants with exercise prices ranging from $1.80 to $15.06 per share for the three and nine months ended December 31, 2011 — all of which were anti-dilutive.