XML 28 R17.htm IDEA: XBRL DOCUMENT v3.3.1.900
Net Income Per Share
 9 Months Ended
Dec. 31, 2015
Net Income Per Share [Abstract]  
Net (Loss) Income 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
December 31,
  
Nine Months Ended
December 31,
 
  
2015
  
2014
  
2015
  
2014
 
         
Net income
 
$
7,748,000
  
$
2,927,000
  
$
8,266,000
  
$
8,351,000
 
Basic shares
  
18,319,531
   
17,921,682
   
18,180,039
   
16,331,168
 
Effect of potentially dilutive securities
  
776,173
   
900,982
   
801,382
   
874,901
 
Diluted shares
  
19,095,704
   
18,822,664
   
18,981,421
   
17,206,069
 
Net income per share:
                
                 
Basic net income per share
 
$
0.42
  
$
0.16
  
$
0.45
  
$
0.51
 
                 
Diluted net income per share
 
$
0.41
  
$
0.16
  
$
0.44
  
$
0.49
 

The effect of dilutive options excludes 1,100 shares subject to options with an exercise price of $34.17 per share for the nine months ended December 31, 2015, which were anti-dilutive. There were no anti-dilutive options or warrants for the three months ended December 31, 2015 or for the three and nine months ended December 31, 2014.