Net Income Per Share

6 Months Ended

Sep. 30, 2012

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 the effects of the potential conversion of preferred shares, calculated using the treasury stock method.  Outstanding stock options 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 September 30,				Six Months Ended September 30,
	2012		2011		2012		2011
Net income (numerator):
Net income	$	4,034	$	3,930	$	7,986	$	8,767
Shares (denominator):
Weighted average number of common shares
outstanding used in basic computation		19,962		20,642		20,040		21,142
Common shares issuable upon the vesting
of restricted stock		90		58		104		86
Common shares issuable upon conversion
of preferred shares		10		10		10		10
Shares used in diluted computation		20,062		20,710		20,154		21,238
Net income per common share:
Basic	$	0.20	$	0.19	$	0.40	$	0.41
Diluted	$	0.20	$	0.19	$	0.40	$	0.41

At September 30, 2012 and 2011, all common restricted stock were included in the diluted net income per common share computation.