Net Income Per Share

12 Months Ended

Mar. 31, 2016

(6) 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,
	2016		2015		2014

Net income (numerator):

Net income	$	20,567	$	17,453	$	17,972

Shares (denominator)

Weighted average number of common shares outstanding used in basic computation		20,124		20,015		19,901
Common shares issuable upon the vesting of restricted stock		120		111		132
Common shares issuable upon conversion of preferred shares		10		10		10
Shares used in diluted computation		20,254		20,136		20,043

Net income per common share:

Basic	$	1.02	$	0.87	$	0.90
Diluted	$	1.02	$	0.87	$	0.90

At March 31, 2016 and 2015, all restricted stock was included in the diluted net income per common share computation.