EARNINGS PER SHARE

3 Months Ended

Jun. 30, 2013

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

8. EARNINGS PER SHARE

Basic earnings per share is computed by dividing net earnings attributable to common shares by the weighted average number of common shares outstanding for the period. Diluted net earnings per share include the potential dilution of securities that could participate in our earnings, but not securities that are anti-dilutive. Certain shares of restricted stock awards (“RSAs”) agreements contain non-forfeitable rights to dividends, whether paid or unpaid. As a result, these RSAs are considered participating securities because their holders have the right to participate in earnings with common stockholders. We use the two-class method to allocate net income between common shares and other participating securities. As of June 30, 2013 we had 82 thousand shares of RSAs that contained non-forfeitable rights to dividends, which vest over the next 12 months.  In addition, we no longer grant RSAs that contain non-forfeitable rights to dividends.

We corrected our reported earnings per share for the quarter ended June 30, 2012. The weighted average shares outstanding for the three months ended June 30, 2012 used to calculate diluted earnings per common share decreased by 107 thousand. Basic and diluted earnings per share for the three months ended June 30, 2012 decreased by $0.03 and $0.02, respectively. 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 unaudited condensed consolidated statements of operations for the three months ended June 30, 2013 and June 30, 2012 (in thousands, except per share data).

	Three months ended June 30,
	2013		2012
Basic and diluted shares outstanding
Weighted average shares outstanding — basic		7,914		7,721
Effect of dilutive shares		71		70
Weighted average shares outstanding — diluted		7,985		7,791
Calculation of earnings per share - basic
Net earnings	$	7,850	$	8,062
Net earnings attributable to participating securities		123		255
Net earnings attributable to common shareholders	$	7,727	$	7,807
Earnings per share - basic	$	0.98	$	1.01
Calculation of earnings per share - diluted
Net earnings attributable to common shareholders— basic	$	7,727	$	7,807
Add: undistributed earnings attributable to participating securities		-		2
Net earnings attributable to common shareholders— diluted	$	7,727	$	7,809
Earnings per share - diluted	$	0.97	$	1.00

All unexercised stock options were included in the computations of diluted earnings per share for the three months ended June 30, 2013 and 2012.