XML 28 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
Net Income Per Share
 3 Months Ended
Jun. 30, 2017
Net Income Per Share [Abstract]  
Net 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
June 30,
 
  
2017
  
2016
 
       
Net income
 
$
7,626,000
  
$
7,508,000
 
Basic shares
  
18,655,304
   
18,545,621
 
Effect of potentially dilutive securities
  
766,048
   
939,317
 
Diluted shares
  
19,421,352
   
19,484,938
 
Net income per share:
        
Basic net income per share
 
$
0.41
  
$
0.40
 
Diluted net income per share
 
$
0.39
  
$
0.39
 
 
The effect of dilutive options excludes 111,172 shares subject to options with exercise prices ranging from $30.31 to $34.17 per share for the three months ended June, 30, 2017 and 1,100 shares subject to options with an exercise price of $34.17 per share for the three months ended June 30, 2016, which were anti-dilutive.