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Net Income (Loss) Per Share
 9 Months Ended
Dec. 31, 2013
Net Income (Loss) Per Share [Abstract]  
Net Income (Loss) Per Share
9. 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
December 31,
  
Nine Months Ended
December 31,
 
 
 
2013
  
2012
  
2013
  
2012
 
 
 
  
  
  
 
Income from continuing operations
 
$
1,148,000
  
$
1,786,000
  
$
3,415,000
  
$
10,656,000
 
Income (loss) from discontinued operations
  
-
   
(851,000
)
  
100,877,000
   
(28,516,000
)
 
                
Net income (loss)
 
$
1,148,000
  
$
935,000
  
$
104,292,000
  
$
(17,860,000
)
 
                
Basic shares
  
14,618,930
   
14,463,782
   
14,513,864
   
14,283,080
 
Effect of dilutive stock options and warrants
  
643,567
   
61,831
   
306,477
   
65,734
 
Diluted shares
  
15,262,497
   
14,525,613
   
14,820,341
   
14,348,814
 
Net income (loss) per share:
                
Basic net income per share from continuing operations
 
$
0.08
  
$
0.12
  
$
0.24
  
$
0.75
 
Basic net income (loss) per share from discontinued operations
  
-
   
(0.06
)
  
6.95
   
(2.00
)
Basic net income (loss) per share
 
$
0.08
  
$
0.06
  
$
7.19
  
$
(1.25
)
 
                
Diluted net income per share from continuing operations
 
$
0.08
  
$
0.12
  
$
0.23
  
$
0.74
 
Diluted net income (loss) per share from discontinued operations
  
-
   
(0.06
)
  
6.81
   
(1.99
)
Diluted net income (loss) per share
 
$
0.08
  
$
0.06
  
$
7.04
  
$
(1.25
)

The effect of dilutive options excludes 421,500 shares subject to options with exercise prices ranging from $10.73 to $15.06 per share for the nine months ended December 31, 2013 — all of which were anti-dilutive. The effect of dilutive options and warrants excludes 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 and nine months ended December 31, 2012— all of which were anti-dilutive.