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Earnings Per Share
 9 Months Ended
Dec. 31, 2013
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,		  
     2013      2012      2013      2012  

Numerator for earnings per share – net income

    $ 3,826,768       $ 4,596,056       $ 13,843,813       $ 15,153,650   
  

 

 

     

 

 

     

 

 

     

 

 

  

Denominator:

            

Denominator for basic earnings per share – weighted average shares

      12,108,988         11,981,627         12,088,835         11,961,886   

Effect of dilutive securities:

            

Stock options and other share awards

      225,191         211,831         197,136         229,895   
  

 

 

     

 

 

     

 

 

     

 

 

  

Denominator for diluted earnings per share

      12,334,179         12,193,458         12,285,971         12,191,781   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings per share:

            

Basic

    $ 0.32       $ 0.38       $ 1.15       $ 1.27   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted

    $ 0.31       $ 0.38       $ 1.13       $ 1.24   
  

 

 

     

 

 

     

 

 

     

 

 

  

For the three months ended December 31, 2013 and 2012, potential common stock from stock options totaling 10,000 and 114,500, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive. For the nine months ended December 31, 2013 and 2012 potential common stock from stock options totaling 10,000 and 114,500, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive.