XML 22 R7.htm IDEA: XBRL DOCUMENT v3.2.0.727
Net Income Per Share
 3 Months Ended
Jun. 30, 2015
Earnings Per Share [Abstract]  
Net Income Per Share

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 June 30,  
    2015     2014  
             
Net income (numerator):            
             
  Net income   $ 5,757     $ 4,973  
                 
Shares (denominator):                
                 
  Weighted average number of common shares                
    outstanding used in basic computation     20,074       19,961  
  Common shares issuable upon vesting of                
    restricted stock     114       121  
  Common shares issuable upon conversion                
    of preferred shares     10       10  
  Shares used in diluted computation     20,198       20,092  
                 
Net income per common share:                
                 
  Basic   $ 0.29     $ 0.25  
  Diluted   $ 0.29     $ 0.25  

  

At June 30, 2015 and 2014, all common restricted stock was included in the diluted net income per common share computation.