Net Income (Loss) Per Share

6 Months Ended

Sep. 30, 2016

Net Income (Loss) Per Share [Abstract]

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 September 30,					Six Months Ended September 30,
	2016		2015			2016		2015

Net income (loss)	$	9,143,000	$	(1,392,000	)	$	16,651,000	$	518,000
Basic shares		18,641,324		18,215,783			18,544,118		18,109,912
Effect of potentially dilutive securities		788,066		-			840,550		777,241
Diluted shares		19,429,390		18,215,783			19,384,668		18,887,153
Net income (loss) per share:
Basic net income (loss) per share	$	0.49	$	(0.08	)	$	0.90	$	0.03
Diluted net income (loss) per share	$	0.47	$	(0.08	)	$	0.86	$	0.03

The effect of dilutive options excludes (i) 291,215 shares subject to options with exercise prices ranging from $28.68 to $34.17 per share for the three months ended September, 30, 2016, (ii) 1,204,619 shares subject to options with exercise prices ranging from $4.17 to $31.13 per share and 516,129 shares subject to warrants with an exercise price of $7.75 per share for the three months ended September 30, 2015, (iii) 108,815 shares subject to options with exercise prices ranging from $30.91 to $34.17 per share for the six months ended September 30, 2016, and (iv) 110,122 shares subject to options with exercise prices ranging from $31.10 to $31.13 per share for the six months ended September 30, 2015, which were anti-dilutive.