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Net Income Per Share
 9 Months Ended
Dec. 31, 2014
Net Income Per Share [Abstract]  
Net Income Per Share
10. 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
December 31,
  
Nine Months Ended
December 31,
 
  
2014
  
2013
  
2014
  
2013
 
         
Income from continuing operations
 
$
2,927,000
  
$
1,148,000
  
$
8,351,000
  
$
3,415,000
 
Income from discontinued operations
  
-
   
-
   
-
   
100,877,000
 
Net income
 
$
2,927,000
  
$
1,148,000
  
$
8,351,000
  
$
104,292,000
 
Basic shares
  
17,921,682
   
14,618,930
   
16,331,168
   
14,513,864
 
Effect of potentially dilutive securities
  
900,982
   
810,826
   
874,901
   
431,073
 
Diluted shares
  
18,822,664
   
15,429,756
   
17,206,069
   
14,944,937
 
Net income per share:
                
Basic net income per share from continuing operations
 
$
0.16
  
$
0.08
  
$
0.51
  
$
0.24
 
Basic net income per share from discontinued operations
  
-
   
-
   
-
   
6.95
 
Basic net income per share
 
$
0.16
  
$
0.08
  
$
0.51
  
$
7.19
 
                 
Diluted net income per share from continuing operations
 
$
0.16
  
$
0.07
  
$
0.49
  
$
0.23
 
Diluted net income per share from discontinued operations
  
-
   
-
   
-
   
6.75
 
Diluted net income per share
 
$
0.16
  
$
0.07
  
$
0.49
  
$
6.98
 

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— which were anti-dilutive.