Note

Net Income Per Share

In accordance with the provisions of Accounting Standards Codification (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 ,
	201 7		201 6		201 7		201 6
Net income (numerator) :
Net incom e	$	9,064	$	4,823	$	27,100	$	16,316
Shares (denominator) :
Weighted average number of common shares outstanding used in basic computatio n		20,368		20,253		20,337		20,223
Common shares issuable upon vesting o f restricted stoc k		47		145		90		140
Common shares issuable upon conversio n of preferred share s		10		10		10		10
Shares used in diluted computatio n		20,425		20,408		20,437		20,373
Net income per common share :
Basi c	$	0.45	$	0.24	$	1.33	$	0.81
Dilute d	$	0.44	$	0.24	$	1.33	$	0.80

For the

three

and

nine

months ended

December 31, 2017,

77,600

shares of common restricted stock were excluded from the computations of diluted net income per common share, as their inclusion would have had an anti-dilutive effect on diluted net income per common share. For the

three

and

nine

months ended

December 31, 2016,

all common restricted stock was included in the diluted net income per common share computation.