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Earnings Per Share
 3 Months Ended
Jun. 30, 2014
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
June 30,		  
     2014      2013  

Numerator for earnings per share – net income

    $ 4,909,188       $ 5,700,493   
  

 

 

     

 

 

  

Denominator:

      

Denominator for basic earnings per share – weighted average shares

      12,178,293         12,065,012   

Effect of dilutive securities:

      

Stock options and other share awards

      184,909         222,480   
  

 

 

     

 

 

  

Denominator for diluted earnings per share

      12,363,202         12,287,492   
  

 

 

     

 

 

  

Earnings per share:

      

Basic

    $ 0.40       $ 0.47   
  

 

 

     

 

 

  

Diluted

    $ 0.40       $ 0.46   
  

 

 

     

 

 

  

For the three months ended June 30, 2014 and 2013, potential common stock from stock options totaling 90,000 and 10,000, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive.