INCOME PER COMMON AND COMMON EQUIVALENT SHARE

6 Months Ended

Sep. 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 September 30, 2015 and September 30, 2014, common stock equivalents of 291,000 and 298,000 shares, respectively, are excluded from diluted earnings per share, as their effect is anti-dilutive. For the six months ended September 30, 2015 and September 30, 2014, common stock equivalents of 291,000 and 294,000 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, 2015		September 30, 2014			September 30, 2015			September 30, 2014
Income (Loss) Per Share — Basic:
Net income (loss)	$	464	$	(3,906	)	$	(51	)	$	(2,452	)
Less: Distributed and undistributed earnings (loss) to unvested restricted stock units	7		—			(6		)	—
Distributed and undistributed earnings (loss) to common shareholders — Basic	457		(3,906		)	(45		)	(2,452		)
Weighted average number of common shares outstanding — basic	7,151		7,917			7,156			7,904
Net income (loss) per share — basic	$	0.06	$	(0.49	)	$	(0.01	)	$	(0.31	)
Diluted:
Weighted average number of common shares outstanding	7,151		7,917			7,156			7,904
Add dilutive effect of potential common shares	5		—			—			—
Weighted average number of common and potential common shares outstanding — diluted	7,156		7,917			7,156			7,904
Net income (loss) per share — diluted	$	0.06	$	(0.49	)	$	(0.01	)	$	(0.31	)