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Earnings Per Share
 6 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share

3. Earnings Per Share

Basic earnings per share is calculated by dividing the reported net income for the period by the weighted average number of shares of common stock outstanding. Diluted earnings per share includes the effect of dilutive options and other share awards. Basic and diluted earnings per share have been computed as follows:

Three months ended
September 30,		 Six months ended
September 30,
2012 2011 2012 2011

Numerator for earnings per share – net income

 $ 5,161,950 $ 5,520,104 $ 10,535,475 $ 10,822,897

Denominator:

Denominator for basic earnings per share – weighted average shares

 11,963,596 11,772,819 11,956,362 11,709,875

Effect of dilutive securities:
Stock options and other share awards

 218,469 254,642 232,939 291,914

Denominator for diluted earnings per share

 12,182,065 12,027,461 12,189,301 12,001,789

Earnings per share:

Basic

 $ 0.43 $ 0.47 $ 0.88 $ 0.92

Diluted

 $ 0.42 $ 0.46 $ 0.86 $ 0.90

For the three months ended September 30, 2012 and 2011, potential common stock from stock options totaling 124,200 and 55,000, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive. For the six months ended September 30, 2012 and 2011 potential common stock from stock options totaling 124,200 and 72,300, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive.