XML 33 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
EARNINGS PER SHARE
 6 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE

The Company had a total of 17,726,847 shares of common stock issued and outstanding as of September 30, 2012, out of an authorized total of 50,000,000 shares. The fully diluted calculation utilizes a total of 20,271,204 shares for the three month period ended September 30, 2012, 17,651,640 shares for the three month period ended September 30, 2011, 20,282,747 shares for the six month period ended September 30, 2012 and 17,521,668 shares for the six month period ended September 30, 2011, based on the calculations set forth below.  Since the calculation for three month and six month periods ended September 30, 2012 is anti-dilutive, the basic and fully diluted weighted average shares outstanding are 17,724,389 and 17,722,242 respectively. The convertible preferred shares convert to an aggregate of 2,419,355 common shares based on a conversion price of $6.20.

 
Three months ended September 30, 2012
 
Three months ended September 30, 2011
 
Six months ended September 30, 2012
 
Six months ended September 30, 2011
Numerator:
 
 
 
 
 
 
 
Net income before preferred dividends
$
2,882

 
$
6,478

 
$
5,977

 
$
9,807

Preferred stock dividends
(782
)
 
(694
)
 
(1,540
)
 
(1,354
)
Net income applicable to common stockholders
$
2,100

 
$
5,784

 
$
4,437

 
$
8,453

Denominator:
 

 
 

 


 
 

Weighted average common shares for basic EPS
17,724,389

 
15,142,066

 
17,722,242

 
15,001,283

Effect of dilutive securities:
 

 
 

 


 
 

Average price during period
7.71

 
6.97

 
8.02

 
7.17

Long term incentive stock option plan
479,785

 
479,785

 
479,785

 
479,785

Average exercise price of stock options
5.66

 
5.66

 
5.66

 
5.66

Shares that could be acquired with the proceeds of options
352,325

 
389,567

 
338,635

 
378,755

Dilutive shares due to options
127,460

 
90,219

 
141,150

 
101,030

Weighted average convertible preferred shares at $6.20
2,419,355

 
2,419,355

 
2,419,355

 
2,419,355

Weighted average common shares for diluted EPS
17,724,389

 
17,651,640

 
17,722,242

 
17,521,668

Basic EPS
$
0.12

 
$
0.38

 
$
0.25

 
$
0.56

Diluted EPS
$
0.12

 
$
0.37

 
$
0.25

 
$
0.56