Net Income Per Share

3 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Net Income Per Share

Note 2:  Net Income Per Share

In accordance with the provisions of ASC Topic 260 (“Earnings Per Share ”) basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period.  Diluted net income per common share includes the dilutive effect of potential restricted stock and stock options exercised and the effects of the potential conversion of preferred shares, calculated using the treasury stock method.  Outstanding stock options, restricted stock, and convertible preferred shares issued by the Company represent the only dilutive effect reflected in diluted weighted average shares outstanding.  The following is a reconciliation of the numerators and denominators of the basic and diluted net income per share computations for the periods presented (in thousands, except for per share amounts):

	Three Months Ended June 30,
	2011		2010
Net income (numerator):
Net income	$	4,837	$	7,225
Shares (denominator):
Weighted average number of common shares outstanding used in basic computation		21,648		22,722
Common shares issuable upon exercise of stock options and vesting of restricted stock		109		136
Common shares issuable upon conversion of preferred shares		10		10
Shares used in diluted computation		21,767		22,868
Net income per common share:
Basic	$	0.22	$	0.32
Diluted	$	0.22	$	0.32

At June 30, 2011 and 2010, all common restricted stock and stock options were included in the diluted net income per common share computation.  The exercise prices of the stock options were less than the average market price of the common shares for the period.