EARNINGS PER SHARE

12 Months Ended

Mar. 31, 2014

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 unvested shares of restricted stock awards (“RSAs”) 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 March 31, 2014, we had 45 thousand shares of RSAs that contained non-forfeitable rights to dividends, which vest over the next three months. We no longer grant RSAs that contain non-forfeitable rights to dividends.

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, 2014, 2013, and 2012 (in thousands, except per share data).

	Year Ended March 31,
	2014		2013		2012
Basic and diluted shares outstanding
Weighted average shares outstanding — basic		7,927		7,810		8,002
Effect of dilutive shares		72		93		93
Weighted average shares outstanding — diluted		7,999		7,903		8,095
Calculation of earnings per share - basic
Net earnings	$	35,273	$	34,830	$	23,367
Net earnings attributable to participating securities		307		668		764
Net earnings attributable to common shareholders	$	34,966	$	34,162	$	22,603
Earnings per share - basic	$	4.41	$	4.37	$	2.82
Calculation of earnings per share - diluted
Net earnings attributable to common shareholders— basic	$	34,966	$	34,162	$	22,603
Add: undistributed earnings attributable to participating securities		3		4		9
Net earnings attributable to common shareholders— diluted	$	34,969	$	34,166	$	22,612
Earnings per share - diluted	$	4.37	$	4.32	$	2.79

All unexercised stock options were included in the computations of diluted earnings per common share for the years ended March 31, 2014, 2013 and 2012.