EARNINGS PER SHARE

3 Months Ended

Jun. 30, 2011

EARNINGS PER SHARE

EARNINGS PER SHARE

10. EARNINGS PER SHARE

Basic earnings per share is computed on the basis of the weighted average number of common shares outstanding.  Diluted earnings per share is computed on the basis of the weighted average number of common shares outstanding plus the potentially dilutive effect of outstanding stock options using the “treasury stock” method.

Reconciliations between the numerator and the denominator of the basic and diluted earnings per share computations for the three months ended June 30, 2011 and 2010 are as follows:

	Three Months Ended June 30, 2011
	Net Income		Shares	Per Share
	(Numerator)		(Denominator)	Amount
	(in thousands)
Basic income per share	$	486	5,395	$	0.09
Effect of dilutive securities—Common stock options	—		65	—
Diluted income per share	$	486	5,460	$	0.09

	Three Months Ended June 30, 2010
	Net Loss		Shares	Per Share
	(Numerator)		(Denominator)	Amount
	(in thousands)
Basic income per share	$	399	5,253	$	0.08
Effect of dilutive securities — Common stock options	—		68	(.01		)
Diluted income per share	$	399	5,321	$	0.07

Diluted earnings per share does not include the impact of common stock options totaling 231,550 and 108,500 for the three months ended June 30, 2011 and 2010, respectively, as the effect of their inclusion would be anti-dilutive.