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EARNINGS PER SHARE
 9 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE

The Company had a total of 18,281,008 shares of common stock issued and outstanding as of December 31, 2015, out of an authorized total of 50,000,000 shares. The fully diluted calculation utilizes a total of 20,503,077 and 20,396,276 shares for the three and nine month periods ended December 31, 2015, respectively and 20,362,406 and 20,377,191 for the three and nine month periods ended December 31, 2014, respectively. Since the calculation for three month period ended December 31, 2015 is anti-dilutive, the basic and fully diluted weighted average shares outstanding are 18,091,973. The convertible preferred shares outstanding as of December 31, 2015 convert to an aggregate of 2,411,774 common shares based on a conversion price of $6.20.


 
 
Three months ended December 31, 2015
 
Three months ended December 31, 2014
 
Nine months ended December 31, 2015
 
Nine months ended December 31, 2014
Numerator:
 
 
 
 
 
 
 
 
Net (loss) income before preferred dividends
 
$
(3,847
)
 
$
4,260

 
$
10,951

 
$
12,155

Preferred stock dividends
 
(351
)
 
(291
)
 
(1,000
)
 
(872
)
Net (loss) income applicable to common stockholders
 
$
(4,198
)
 
$
3,969

 
$
9,951

 
$
11,283

Denominator:
 
 
 
 
 
 
 
 
Weighted average common shares for basic EPS
 
18,091,973

 
17,837,696

 
17,984,502

 
17,837,007

Effect of dilutive securities:
 
 
 
 
 
 
 
 
Average price during period
 
2.07

 
4.81

 
2.71

 
5.71

Long term incentive stock option plan
 
476,451

 
479,785

 
478,674

 
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
 
—

 
—

 
—

 
475,662

Dilutive shares due to options
 
—

 
—

 
—

 
4,123

Restricted Stock Units (RSU)-unvested
 
19,491

 
30,050

 
19,491

 
20,543

Average grant date fair value of unvested RSU
 
5.99

 
5.99

 
5.99

 
5.99

Shares that could be acquired with the proceeds of RSU
 
—

 
—

 
—

 
—

Dilutive shares due to RSU
 
—

 
—

 
—

 
—

Incremental shares due to unvested restricted shares
 
—

 
—

 
—

 
—

Weighted average convertible preferred shares at $6.20
 
2,411,774

 
2,419,355

 
2,411,774

 
2,419,355

Weighted average common shares for diluted EPS
 
18,091,973

 
20,362,406

 
20,396,276

 
20,377,191

Basic EPS
 
$
(0.23
)
 
$
0.22

 
$
0.55

 
$
0.63

Diluted EPS
 
$
(0.23
)
 
$
0.21

 
$
0.54

 
$
0.60