Net Income Per Share

9 Months Ended

Dec. 31, 2012

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 the effects of the potential conversion of preferred shares, calculated using the treasury stock method. Unvested 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				Nine Months Ended
	December 31,				December 31,
	2012		2011		2012		2011
Net income (numerator):
Net income	$	4,577	$	3,898	$	12,563	$	12,665
Shares (denominator):
Weighted average number of common shares outstanding used in basic computation		19,808		20,082		19,963		20,788
Common shares issuable upon the vesting of restricted stock		105		88		104		88
Common shares issuable upon conversion of preferred shares		10		10		10		10
Shares used in diluted computation		19,923		20,180		20,077		20,886
Net income per common share:
Basic	$	0.23	$	0.19	$	0.63	$	0.61
Diluted	$	0.23	$	0.19	$	0.63	$	0.61

At December 31, 2012 and 2011, all common restricted stock were included in the diluted net income per common share computation.

- Definition

The entire disclosure for earnings per share.

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