Net Income Per Share

6 Months Ended

Sep. 30, 2011

Note 2: Net Income Per Share

In accordance with the provisions of ASC Topic 260 (“Earnings Per Share ”) basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per common share includes the dilutive effect of potential restricted stock and stock options exercised and the effects of the potential conversion of preferred shares, calculated using the treasury stock method. Outstanding stock options, restricted stock, and convertible preferred shares issued by the Company represent the only dilutive effect reflected in diluted weighted average shares outstanding. The following is a reconciliation of the numerators and denominators of the basic and diluted net income per share computations for the periods presented (in thousands, except for per share amounts):

	Three Months Ended September 30,				Six Months Ended September 30,
	2011		2010		2011		2010
Net income (numerator):
Net income	$	3,930	$	4,977	$	8,767	$	12,203
Shares (denominator):
Weighted average number of common shares outstanding used in basic computation		20,642		22,616		21,142		22,668
Common shares issuable upon exercise of stock options and vesting of restricted stock		58		115		86		126
Common shares issuable upon conversion of preferred shares		10		10		10		10
Shares used in diluted computation		20,710		22,741		21,238		22,804
Net income per common share:
Basic	$	0.19	$	0.22	$	0.41	$	0.54
Diluted	$	0.19	$	0.22	$	0.41	$	0.54

At September 30, 2011 and 2010, all common restricted stock and stock options were included in the diluted net income per common share computation as their exercise prices were less than the average market price of the common shares for the period.