Net Income Per Share

3 Months Ended

Jun. 30, 2016

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 June 30,
	2016		2015
Net income (numerator):
Net income	$	6,594	$	5,757
Shares (denominator):
Weighted average number of common shares outstanding used in basic computation		20,181		20,074
Common shares issuable upon vesting of restricted stock		142		114
Common shares issuable upon conversion of preferred shares		10		10
Shares used in diluted computation		20,333		20,198
Net income per common share:
Basic	$	0.33	$	0.29
Diluted	$	0.32	$	0.29

At June 30, 2016 and 2015, all common restricted stock was included in the diluted net income per common share computation.