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 September 30,				Six Months Ended September 30,
	2019		2018		2019		2018
Net income (numerator):
Net income	$	6,665	$	10,752	$	12,008	$	23,334
Shares (denominator):
Weighted average number of common shares outstanding used in basic computation		19,963		20,463		20,098		20,436
Common shares issuable upon vesting of restricted stock		-		47		1		39
Common shares issuable upon conversion of preferred shares		10		10		10		10
Shares used in diluted computation		19,973		20,520		20,109		20,485
Net income per common share:
Basic	$	0.33	$	0.53	$	0.60	$	1.14
Diluted	$	0.33	$	0.52	$	0.60	$	1.14

For the

three

and

six

months ended

September 30, 2019,

76,620

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

six

months ended

September 30, 2018,

46,868