Net Income Per Share

12 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Net Income Per Share

(9)           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):

	Year Ended March 31,
	2012		2011		2010
Net income (numerator):
Net income	$	16,659	$	20,871	$	26,002
Shares (denominator)
Weighted average number of common shares outstanding used in basic computation		20,613		22,514		22,617
Common shares issuable upon exercise of stock options and vesting of restricted stock		85		119		119
Common shares issuable upon conversion of preferred shares		10		10		10
Shares used in diluted computation		20,708		22,643		22,746
Net income per common share:
Basic	$	0.81	$	0.93	$	1.15
Diluted	$	0.80	$	0.92	$	1.14

At March 31, 2012 and 2011, all common stock options and restricted stock were included in the diluted net income per common share computation as their exercise prices were less than the average market price of the common shares for the period.