INCOME PER COMMON AND COMMON EQUIVALENT SHARE

9 Months Ended

Dec. 31, 2011

INCOME PER COMMON AND COMMON EQUIVALENT SHARE

INCOME PER COMMON AND COMMON EQUIVALENT SHARE

4.   INCOME PER COMMON AND COMMON EQUIVALENT SHARE

Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding during the period.  Diluted earnings per share include the dilutive impact of options and restricted stock units using the average share price of the Company’s common stock for the period. For the three months ended December 31, 2011 and December 31, 2010, common stock equivalents of 60,000 and 53,000, respectively, are excluded from diluted earnings per share, as their effect is anti-dilutive. For the nine months ended December 31, 2011 and December 31, 2010, common stock equivalents of 60,000 and 58,000, respectively, are excluded from diluted earnings per share, as their effect is anti-dilutive.

	Three Months Ended				Nine Months Ended
(In thousands except per share amounts)	December 31, 2011		December 31, 2010		December 31, 2011		December 31, 2010
Income Per Share
Basic:
Net income	$	7,535	$	11,782	$	20,079	$	33,252
Weighted average number of common shares outstanding — basic	8,924		9,023		9,088		9,022
Net income per share — basic	$	0.84	$	1.31	$	2.21	$	3.69
Diluted:
Net income	$	7,535	$	11,782	$	20,079	$	33,252
Weighted average number of common shares outstanding	8,924		9,023		9,088		9,022
Assumed exercise of stock options and restricted stock units, using the treasury stock method	85		213		105		203
Weighted average number of common and potential common shares outstanding — diluted	9,009		9,236		9,193		9,225
Net income per share — diluted	$	0.84	$	1.28	$	2.18	$	3.60