Net Income Per Share

6 Months Ended

Sep. 30, 2013

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 the 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,
	2013		2012		2013		2012
Net income (numerator):
Net income	$	4,150	$	4,034	$	8,905	$	7,986
Shares (denominator):
Weighted average number of common shares
outstanding used in basic computation		19,902		19,962		19,875		20,040
Common shares issuable upon the vesting
of restricted stock		132		90		139		104
Common shares issuable upon conversion
of preferred shares		10		10		10		10
Shares used in diluted computation		20,044		20,062		20,024		20,154
Net income per common share:
Basic	$	0.21	$	0.20	$	0.45	$	0.40
Diluted	$	0.21	$	0.20	$	0.44	$	0.40

At September 30, 2013 and 2012, 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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