Net Income Per Common Share

3 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Net Income Per Common Share

Net Income Per Common Share

The computation of basic and diluted net income per common share using the two-class method is as follows (in thousands, except per share amounts):

	Three Months Ended September 30,
	2012			2011
Basic net income per common share calculation
Net income	$	899		$	8,492
Less: Undistributed earnings allocated to participating securities	(6		)	(97		)
Net income attributable to common shares—basic	$	893		$	8,395
Weighted-average number of common shares used to compute basic net income per common share	41,667			40,356
Basic net income per common share	$	0.02		$	0.21
Diluted net income per common share calculation
Net income	$	899		$	8,492
Less: Undistributed earnings allocated to participating securities	(6		)	(91		)
Net income attributable to common shares—diluted	$	893		$	8,401
Weighted-average number of common shares used to compute basic net income per common share	41,667			40,356
Dilutive effect of options to purchase common stock	2,507			3,039
Weighted-average number of common shares used to compute diluted net income per common share	44,174			43,395
Diluted net income per common share	$	0.02		$	0.19

For the three months ended September 30, 2012 and 2011, the Company had stock options outstanding that could potentially dilute basic earnings per share in the future, but were excluded from the computation of diluted net income per share in the periods presented, as their effect would have been anti-dilutive. The shares of common stock issuable upon exercise of such anti-dilutive outstanding stock options were 5,338,000 and 2,877,000 for the three months ended September 30, 2012 and 2011, respectively.