Net Income Per Share

9 Months Ended

Dec. 31, 2014

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. Unvested restricted stock and convertible preferred shares issued by the Company represent the only dilutive effect reflected in the 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				Nine Months Ended
	December 31,				December 31,
	2014		2013		2014		2013
Net income (numerator):
Net income	$	4,797	$	4,541	$	12,502	$	13,446
Shares (denominator):
Weighted average number of common shares
outstanding used in basic computation		20,038		19,925		20,005		19,892
Common shares issuable upon vesting of
restricted stock		114		144		118		140
Common shares issuable upon conversion
of preferred shares		10		10		10		10
Shares used in diluted computation		20,162		20,079		20,133		20,042
Net income per common share:
Basic	$	0.24	$	0.23	$	0.62	$	0.68
Diluted	$	0.24	$	0.23	$	0.62	$	0.67

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