Earnings Per Share

6 Months Ended

Sep. 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 September 30,				Six months ended September 30,
	2013		2012		2013		2012
Numerator for earnings per share – net income	$	4,316,552	$	5,150,138	$	10,017,045	$	10,557,594
Denominator:
Denominator for basic earnings per share – weighted average shares		12,092,246		11,963,596		12,078,703		11,956,362
Effect of dilutive securities:
Stock options and other share awards		222,995		218,469		194,879		232,939
Denominator for diluted earnings per share		12,315,241		12,182,065		12,273,582		12,189,301
Earnings per share:
Basic	$	0.36	$	0.43	$	0.83	$	0.88
Diluted	$	0.35	$	0.42	$	0.82	$	0.87

For the three months ended September 30, 2013 and 2012, potential common stock from stock options totaling 10,000 and 124,200, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive. For the six months ended September 30, 2013 and 2012 potential common stock from stock options totaling 78,600 and 124,200, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive.