Net Income Per Share

9 Months Ended

Dec. 31, 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 December 31,				Nine Months Ended December 31,
	2011		2010		2011		2010
Net income (numerator):
Net income	$	3,898	$	4,522	$	12,665	$	16,725
Shares (denominator):
Weighted average number of common shares
outstanding used in basic computation		20,082		22,506		20,788		22,614
Common shares issuable upon exercise
of stock options and vesting of restricted stock		88		139		88		131
Common shares issuable upon conversion
of preferred shares		10		10		10		10
Shares used in diluted computation		20,180		22,655		20,886		22,755
Net income per common share:
Basic	$	0.19	$	0.20	$	0.61	$	0.74
Diluted	$	0.19	$	0.20	$	0.61	$	0.74

At December 31, 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.

- Definition

The entire disclosure for earnings per share.

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