INCOME PER COMMON AND COMMON EQUIVALENT SHARE

3 Months Ended

Jun. 30, 2015

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 distributed and undistributed earnings 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 June 30, 2015 and June 30, 2014, common stock equivalents of 195,000 and 83,000 shares, respectively, are excluded from diluted earnings per share, as their effect is anti-dilutive.

	Three Months Ended
(In thousands except per share amounts)	June 30, 2015			June 30, 2014
Earnings Per Share - Basic:
Net income (loss)	$	(515	)	$	1,454
Less: Distributed and undistributed earnings (loss) to unvested restricted stock units	(6		)	18
Distributed and undistributed earnings (loss) to common shareholders — Basic	(509		)	1,436
Weighted average number of common shares outstanding — basic	7,161			7,891
Net income (loss) per share — basic	$	(0.07	)	$	0.18
Earnings Per Share - Diluted:
Weighted average number of common shares outstanding	7,161			7,891
Add dilutive effect of potential common shares	—			22
Weighted average number of common and potential common shares outstanding — diluted	7,161			7,913
Net income (loss) per share — diluted	$	(0.07	)	$	0.18