XML 25 R8.htm IDEA: XBRL DOCUMENT

Earnings Per Share

6 Months Ended

Sep. 30, 2015

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,
		2015				2014				2015				2014
Numerator for earnings per share – net income		$	3,256,341			$	4,329,701			$	6,926,802			$	9,238,889

Denominator:
Denominator for basic earnings per share – weighted average shares			7,621,949				12,190,800				7,619,136				12,184,581
Effect of dilutive securities:
Stock options and other share awards			130,312				173,903				128,722				186,254

Denominator for diluted earnings per share			7,752,261				12,364,703				7,747,858				12,370,835

Earnings per share:
Basic		$	0.43			$	0.36			$	0.91			$	0.76

Diluted		$	0.42			$	0.35			$	0.89			$	0.75

For the three months ended September 30, 2015 and 2014, potential shares of common stock from stock options totaling 160,217 and 92,663, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive. For the six months ended September 30, 2015 and 2014, potential shares of common stock from stock options totaling 157,623 and 58,989, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive. Please see Note 10 – “Tender Offer” for information regarding the decrease of the weighted average shares for the three and six months ended September 30, 2015.