EARNINGS PER SHARE

12 Months Ended

Mar. 31, 2013

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

9. EARNINGS PER SHARE

During the preparation of the Form 10-Q for the three months ended December 31, 2012, we reviewed our restricted stock awards ("RSAs") agreements and identified that certain RSAs issued contain non-forfeitable rights to dividends issued prior to vesting. As a result, those RSAs are considered participating securities which requires us to use the two-class method to compute basic and diluted earnings per shares. Accordingly, we have corrected our reported earnings per share for the corresponding periods. The weighted average shares outstanding for the fiscal years ended March 31, 2012 and 2011 used to calculate diluted earnings per common share decreased by 119 thousand and 70 thousand, respectively. Basic earnings per share for the fiscal years ended March 31, 2012 and 2011 decreased by $0.10 and $0.06, respectively. Diluted earnings per share for the fiscal years ended March 31, 2012 and 2011 decreased by $0.05 and $0.04, respectively.

Basic earnings per share is calculated by dividing net earnings attributable to common shareholders by the basic weighted average number of shares of common stock outstanding during each period. Diluted earnings per share reflects the potential dilution of securities that could participate in our earnings, including incremental shares issuable upon the assumed exercise of "in-the-money" stock options and other common stock equivalents during each period.

The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net earnings per common share as disclosed in our consolidated statements of operations for the fiscal years ended March 31, 2013, 2012, and 2011 (in thousands, except per share data).

	Year Ended March 31,
	2013		2012		2011
Basic and diluted shares outstanding
Weighted average shares outstanding — basic		7,810		8,002		8,201
Effect of dilutive shares		93		93		152
Weighted average shares outstanding — diluted		7,903		8,095		8,353
Calculation of earnings per share - basic
Net earnings	$	34,830	$	23,367	$	23,727
Net earnings attributable to participating securities		668		764		524
Net earnings attributable to common shareholders	$	34,162	$	22,603	$	23,203
Earnings per share - basic	$	4.37	$	2.82	$	2.83
Calculation of earnings per share - diluted
Net earnings attributable to common shareholders— basic	$	34,162	$	22,603	$	23,203
Add: undistributed earnings attributable to participating securities		4		8		9
Net earnings attributable to common shareholders— diluted	$	34,166	$	22,612	$	23,213
Earnings per share - diluted	$	4.32	$	2.79	$	2.78

All unexercised stock options were included in the computations of diluted earnings per common share for the years ended March 31, 2013, 2012 and 2011.