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Note 3 - Net Income Per Share
 6 Months Ended
Sep. 30, 2020
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 3:

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,

 
  

2020

  

2019

  

2020

  

2019

 

Net income (numerator):

                

Net income

 $8,412  $6,665  $16,180  $12,008 

Shares (denominator):

                

Weighted average number of common shares outstanding used in basic computation

  20,063   19,963   20,024   20,098 

Common shares issuable upon vesting of restricted stock

  81   -   64   1 

Common shares issuable upon conversion of preferred shares

  10   10   10   10 

Shares used in diluted computation

  20,154   19,973   20,098   20,109 

Net income per common share:

                

Basic

 $0.42  $0.33  $0.81  $0.60 

Diluted

 $0.42  $0.33  $0.81  $0.60 

 

For the three and six months ended September 30, 2020, 25,136 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, 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.