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Earnings Per Share
 9 Months Ended
Dec. 31, 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
December 31,		      Nine months ended
December 31,		  
     2012      2011      2012      2011  

Numerator for earnings per share – net income

    $ 4,565,220       $ 5,362,721       $ 15,100,695       $ 16,185,618   
  

 

 

     

 

 

     

 

 

     

 

 

  

Denominator:

            

Denominator for basic earnings per share – weighted average shares

      11,981,627         11,782,715         11,961,886         11,732,557   

Effect of dilutive securities:
Stock options and other share awards

      211,831         266,848         229,895         282,744   
  

 

 

     

 

 

     

 

 

     

 

 

  

Denominator for diluted earnings per share

      12,193,458         12,049,563         12,191,781         12,015,301   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings per share:

            

Basic

    $ 0.38       $ 0.46       $ 1.26       $ 1.38   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted

    $ 0.37       $ 0.45       $ 1.24       $ 1.35   
  

 

 

     

 

 

     

 

 

     

 

 

  

For both the three and nine months ended December 31, 2012 and 2011, potential common stock from stock options totaling 114,500 and 55,000, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive.