Net Income Per Share

6 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Net Income Per Share

Note 2: Net Income Per Share

In accordance with the provisions of Accounting Standards Codification (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  September 30,				Six Months Ended  September 30,
	2016		2015		2016		2015
Net income (numerator):
Net income	$	4,899	$	4,502	$	11,493	$	10,259
Shares (denominator):
Weighted average number of common shares outstanding used in basic computation		20,234		20,126		20,208		20,100
Common shares issuable upon vesting of restricted stock		133		110		137		112
Common shares issuable upon conversion of preferred shares		10		10		10		10
Shares used in diluted computation		20,377		20,246		20,355		20,222
Net income per common share:
Basic	$	0.24	$	0.22	$	0.57	$	0.51
Diluted	$	0.24	$	0.22	$	0.56	$	0.51

For the three and six months ended September 30, 2016, 30,000 shares of common restricted stock were excluded from the computations of diluted net income per common share, as their inclusion would have had an anti-dilutive effect on diluted net income per common share. All other common restricted stock was included in the diluted net income per common share computation for the three and six months ended September 30, 2015.