Earnings Per Share

6 Months Ended

Sep. 30, 2016

The following table sets forth the computation of basic and diluted earnings per share (in thousands):



	Three Months Ended					Six Months Ended
	September 30, 2016		September 30, 2015			September 30, 2016		September 30, 2015
Numerator for basic and diluted earnings per share:
Net income (loss)	$	6,816	$	(448	)	$	13,217	$	6,463

Denominators:
Weighted-average common stock outstanding – denominator for basic EPS	20,202		20,086			20,169		20,054
Effect of dilutive employee stock options and other share-based awards	166		—			156		223
Adjusted weighted-average common stock outstanding and assumed conversions – denominator for diluted EPS	20,368		20,086			20,325		20,277

Stock options and performance shares with respect to 711,000 common shares for the three and six months ended September 30, 2016, respectively and 272,000 common shares for the six month period ended September 30, 2015 were not included in the computation of diluted earnings per share because they were antidilutive. Stock options, restricted stock units, and performance shares with respect to 804,000 common shares for the three months ended September 30, 2015 were not included in the computation of diluted loss per share because they were antidilutive as a result of the Company's net loss. For the three and six months ended September 30, 2016 an additional 119,000 in contingently issuable shares were not included in the computation of diluted earnings per share because a performance condition had not yet been met.

On July 18, 2016, the shareholders of the Company approved the 2016 Long Term Incentive Plan (“2016 LTIP”) which replaced the 2010 Long Term Incentive Plan. The Company grants share based compensation to eligible participants under the 2016 LTIP. The total number of shares of common stock with respect to which awards may be granted under the plan is 2,000,000 including shares not previously authorized for issuance under any of the prior stock plans and any shares not issued or subject to outstanding awards under the prior stock plans.

During the first six months of fiscal 2017 and 2016, there were no shares of stock issued upon the exercising of stock options related to the Company’s stock option plans. During the fiscal year ended March 31, 2016, 87,000 shares of restricted stock units vested and were issued.

On October 23, 2016 the Company's Board of Directors declared a dividend of $0.04 per common share. The dividend will be paid on November 21, 2016 to shareholders of record on November 11, 2016. The dividend payment is expected to be approximately $810,000.

Refer to the Company’s consolidated financial statements included in its 2016 10-K for further information on its earnings per share and stock plans.