Earnings Per Share

6 Months Ended

Sep. 30, 2011

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,
	2011		2010		2011		2010
Numerator for earnings per share – net income	$	5,520,104	$	3,982,344	$	10,822,897	$	7,558,182

Denominator:
Denominator for basic earnings per share – weighted average shares		11,772,819		11,607,523		11,709,875		11,606,505
Effect of dilutive securities: Stock options and other share awards		254,642		242,556		291,914		236,010

Denominator for diluted earnings per share		12,027,461		11,850,079		12,001,789		11,842,515

Earnings per share:
Basic	$	0.47	$	0.34	$	0.92	$	0.65

Diluted	$	0.46	$	0.34	$	0.90	$	0.64

For the three and six months ended September 30, 2011 potential common stock from stock options totaling 55,000 and 72,300, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive. For the three and six months ended September 30, 2010 potential common stock from stock options totaling 124,100 in each period were not included in the diluted earnings per share calculation because their effect is anti-dilutive.