INCOME PER COMMON AND COMMON EQUIVALENT SHARE

6 Months Ended

Sep. 30, 2013

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 September 30, 2013 and September 30, 2012, common stock equivalents of 181,000 and 191,000 shares, respectively, are excluded from diluted earnings per share, as their effect is anti-dilutive. For the six months ended September 30, 2013 and September 30, 2012, common stock equivalents of 181,000 and 190,000 shares, respectively, are excluded from diluted earnings per share, as their effect is anti-dilutive.

	Three Months Ended				Six Months Ended
(In thousands except per share amounts)	September 30,2013		September 30,2012		September 30,2013		September 30,2012
Income Per Share
Basic:
Net income	$	4,739	$	6,399	$	9,604	$	10,601
Weighted average number of common shares outstanding — basic	7,820		8,364		7,831		8,609
Net income per share — basic	$	0.61	$	0.77	$	1.23	$	1.23
Diluted:
Net income	$	4,739	$	6,399	$	9,604	$	10,601
Weighted average number of common shares outstanding	7,820		8,364		7,831		8,609
Assumed exercise of stock options and restricted stock units, using the treasury stock method	31		54		35		53
Weighted average number of common and potential common shares outstanding — diluted	7,851		8,418		7,866		8,662
Net income per share — diluted	$	0.60	$	0.76	$	1.22	$	1.22