Note 10 - Earnings (Loss) Per Share

9 Months Ended

Dec. 31, 2012

Earnings Per Share [Text Block]

Note 10.  Earnings (Loss) Per Share

Basic earnings (loss) per share are based on the weighted average number of common shares outstanding without consideration of potential common shares. Diluted earnings (loss) per share are based on the weighted average number of common and potential common shares outstanding. The calculation takes into account the shares that may be issued upon exercise of stock options, reduced by the shares that may be repurchased with the funds received from the exercise, based on the average prices during the periods. Excluded from the calculation of earnings (loss) per share are restricted stock and options to purchase 1,510,875 shares for both the three and nine months ended December 31, 2012, respectively and 1,328,937 shares for both the three and nine months ended December 31, 2011, respectively as their inclusion would not have been dilutive.

The following is a reconciliation of the numerator and denominator of the basic and diluted net earnings (loss) per share computations for the three and nine months ended December 31, 2012 and 2011, respectively.

	Three Months Ended December 31,					Nine Months Ended December 31,
	2012			2011		2012			2011
Numerator:
Income (loss) before extraordinary item	$	(55,503	)	$	1,825	$	(55,575	)	$	2,202
Extraordinary gain, net of tax expense (note 14)		-			-		-			440
Net income (loss) for basic and diluted earnings per share	$	(55,503	)	$	1,825	$	(55,575	)	$	2,642
Denominator:
Denominator for basic earnings (loss) per share - weighted average shares outstanding (in thousands)		16,391			16,391		16,391			16,391
Effect of dilutive securities:
Employee and director stock options		-			-		-			-
Denominator for diluted earnings per share - adjusted weighted average shares outstanding (in thousands)		16,391			16,391		16,391			16,391
Per share basis:
Basic
Income (loss) before extraordinary item	$	(3.39	)	$	0.11	$	(3.39	)	$	0.13
Extraordinary gain, net of tax expense		-			-		-			0.03
Net income (loss)	$	(3.39	)	$	0.11	$	(3.39	)	$	0.16
Diluted
Income (loss) before extraordinary item	$	(3.39	)	$	0.11	$	(3.39	)	$	0.13
Extraordinary gain, net of tax expense		-			-		-			0.03
Net income (loss)	$	(3.39	)	$	0.11	$	(3.39	)	$	0.16