Earnings Per Share

3 Months Ended

Jun. 30, 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 June 30,
	2013		2012
Numerator for earnings per share – net income	$	5,700,493	$	5,407,456
Denominator:
Denominator for basic earnings per share – weighted average shares		12,065,012		11,940,200
Effect of dilutive securities:
Stock options and other share awards		222,480		238,640
Denominator for diluted earnings per share		12,287,492		12,178,840
Earnings per share:
Basic	$	0.47	$	0.45
Diluted	$	0.46	$	0.44

For the three months ended June 30, 2013 and 2012 potential common stock from stock options totaling 10,000 and 117,000, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive.