Net Income per Share

9 Months Ended

Dec. 31, 2012

Net Income per Share

Net Income per Share

(3) Net Income per Share

Basic net income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding for the period, and diluted earnings per share is computed by including common stock equivalents outstanding for the period in the denominator. Common stock equivalents include shares issuable upon the exercise of outstanding stock options and stock appreciation rights (“SARs”) and unvested shares of restricted stock and, in the case of options and SARs, net of shares assumed to have been purchased with the proceeds, using the treasury stock method. The following table sets forth the computation of basic and diluted net income per share for the periods set forth below:

	Three Months Ended December 31,				Nine Months Ended December 31,
	2012		2011		2012		2011
Numerators:
Net income	$	7,404	$	5,594	$	19,307	$	14,237
Denominators:
Weighted average common shares outstanding	24,969,800		24,704,814		24,887,304		24,604,981
Dilutive effect of employee stock options and unvested restricted stock	627,143		627,908		633,586		717,830
Dilutive effect of stock appreciation rights	17,366		25,537		18,609		27,690
Weighted average shares-diluted	25,614,309		25,358,259		25,539,499		25,350,501
Net income per share-basic	$	0.30	$	0.23	$	0.78	$	0.58
Net income per share-diluted	$	0.29	$	0.22	$	0.76	$	0.56

During the three and nine months ended December 31, 2012, options to purchase 435,161 and 496,686 shares of common stock, respectively, were excluded from the calculations of diluted earnings per share as their effect would have been anti-dilutive.

During the three and nine months ended December 31, 2011, options to purchase 677,837 and 520,663 shares of common stock, respectively, were excluded from the calculations of diluted earnings per share as their effect would have been anti-dilutive.