Net Income Per Share

12 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Net Income Per Share

(5)           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.  Unvested 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,
	2014		2013		2012
Net income (numerator):
Net income	$	17,972	$	17,165	$	16,659
Shares (denominator)
Weighted average number of common shares outstanding used in basic computation		19,901		19,926		20,613
Common shares issuable upon the vesting of restricted stock		132		113		85
Common shares issuable upon conversion of preferred shares		10		10		10
Shares used in diluted computation		20,043		20,049		20,708
Net income per common share:
Basic	$	0.90	$	0.86	$	0.81
Diluted	$	0.90	$	0.86	$	0.80

At March 31, 2014 and 2013, all restricted stock was included in the diluted net income per common share computation.