INCOME (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE

6 Months Ended

Sep. 30, 2014

INCOME (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE

INCOME (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE

4.INCOME (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE

Basic earnings (loss) per common share is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding during the period.  Share-based payment awards entitling holders to receive non-forfeitable dividends before vesting are considered participating securities and thus are included in the calculation of basic earnings per share under the two-class method.  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, 2014 and September 30, 2013, common stock equivalents of 298,000 and 181,000 shares, respectively, are excluded from diluted earnings per share, as their effect is anti-dilutive. For the six months ended September 30, 2014 and September 30, 2013, common stock equivalents of 294,000 and 181,000 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, 2014			September 30, 2013		September 30, 2014			September 30, 2013
Income (Loss) Per Share
Basic:
Net income (loss)	$	(3,906	)	$	4,739	$	(2,452	)	$	9,604
Weighted average number of common shares outstanding — basic	7,917			7,820		7,904			7,831
Net income (loss) per share — basic	$	(0.49	)	$	0.61	$	(0.31	)	$	1.23
Diluted:
Net income (loss)	$	(3,906	)	$	4,739	$	(2,452	)	$	9,604
Weighted average number of common shares outstanding	7,917			7,820		7,904			7,831
Assumed exercise of dilutive stock options and restricted stock units, using the treasury stock method	—			31		—			35
Weighted average number of common and potential common shares outstanding — diluted	7,917			7,851		7,904			7,866
Net income (loss) per share — diluted	$	(0.49	)	$	0.60	$	(0.31	)	$	1.22