Earnings Per Share

3 Months Ended

Jun. 30, 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 June 30,
	2012		2011
Numerator for earnings per share – net income	$	5,373,525	$	5,302,793
Denominator:
Denominator for basic earnings per share – weighted average shares		11,940,200		11,651,295
Effect of dilutive securities:
Stock options and other share awards		238,640		314,167
Denominator for diluted earnings per share		12,178,840		11,965,462
Earnings per share:
Basic	$	0.45	$	0.46
Diluted	$	0.44	$	0.44

For the three months ended June 30, 2012 and 2011 potential common stock from stock options totaling 117,000 and 55,000, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive.