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Net Income Per Share
 6 Months Ended
Sep. 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 
September 30,		     Six Months Ended
September 30,		  
    2015     2014     2015     2014  
Net income (numerator):                                
Net income   $ 4,502     $ 2,732     $ 10,259     $ 7,705  
Shares (denominator):                                
Weighted average number of common shares outstanding used in basic computation     20,126       20,016       20,100       19,988  
Common shares issuable upon vesting of restricted stock     110       120       112       121  
Common shares issuable upon conversion of preferred shares     10       10       10       10  
Shares used in diluted computation     20,246       20,146       20,222       20,119  
Net income per common share:                                
Basic   $ 0.22     $ 0.14     $ 0.51     $ 0.39  
Diluted   $ 0.22     $ 0.14     $ 0.51     $ 0.38  

 

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