XML 19 R8.htm IDEA: XBRL DOCUMENT v3.3.1.900
Net Income Per Share
 9 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
Net Income Per Share

Note 3: 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
December 31,		     Nine Months Ended
December 31,		  
    2015     2014     2015     2014  
Net income (numerator):                                
Net income   $ 4,890     $ 4,797     $ 15,149     $ 12,502  
Shares (denominator):                                
Weighted average number of common shares outstanding used in basic computation     20,145       20,038       20,115       20,005  
Common shares issuable upon vesting of restricted stock     96       114       107       118  
Common shares issuable upon conversion of preferred shares     10       10       10       10  
Shares used in diluted computation     20,251       20,162       20,232       20,133  
Net income per common share:                                
Basic   $ 0.24     $ 0.24     $ 0.75     $ 0.62  
Diluted   $ 0.24     $ 0.24     $ 0.75     $ 0.62  

 

At December 31, 2015 and 2014, all common restricted stock were included in the diluted net income per common share computation.