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Net Income Per Share
 3 Months Ended
Jun. 30, 2014
Net Income Per Share [Abstract]  
Net Income (Loss) Per Share
9. Net Income Per Share

Basic net income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income 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 per share.
 
 
Three Months Ended
 
 
June 30,
 
 
2014
  
2013
 
Income from continuing operations
 
$
3,949,000
  
$
103,000
 
Income from discontinued operations
  
-
   
100,877,000
 
Net income
 
$
3,949,000
  
$
100,980,000
 
 
        
Basic shares
  
15,082,818
   
14,460,979
 
Effect of dilutive stock options and warrants
  
838,549
   
148,485
 
Diluted shares
  
15,921,367
   
14,609,464
 
Net income per share:
        
Basic net income per share from continuing operations
 
$
0.26
  
$
0.01
 
Basic net income per share from discontinued operations
  
-
   
6.97
 
Basic net income per share
 
$
0.26
  
$
6.98
 
 
        
Diluted net income per share from continuing operations
 
$
0.25
  
$
0.01
 
Diluted net income per share from discontinued operations
  
-
   
6.90
 
Diluted net income per share
 
$
0.25
  
$
6.91
 
 
The effect of dilutive options excludes 1,837 shares subject to options with an exercise price of $25.51 per share for the three months ended June 30, 2014 — which were anti-dilutive. The effect of dilutive options and warrants excludes 1,116,534 shares subject to options and 735,484 shares subject to warrants with exercise prices ranging from $7.27 to $15.06 per share for the three months ended June 30, 2013— all of which were anti-dilutive.