Earnings Per Share

12 Months Ended

Mar. 31, 2013

Earnings Per Share

Earnings Per Share

Note 11 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 and warrants using the treasury stock method.

Reconciliations between the numerator and the denominator of the basic and diluted earnings per share computations for the years ended March 31, 2013, 2012 and 2011 are as follows:

	Net Income (Numerator)		Shares (Denominator)	Per Share Amount
	(in thousands, except per share amounts)
Year ended March 31, 2013:
Basic income per share	$	4,209	5,455	$	.77
Effective dilutive securities— Common stock options	—		200	(.03		)
Diluted income per share	$	4,209	5,655	$	.74
Year ended March 31, 2012:
Basic income per share	$	3,632	5,414	$	0.67
Effective dilutive securities— Common stock options	—		120	(.01		)
Diluted income per share	$	3,632	5,534	$	0.66
Year ended March 31, 2011:
Basic and diluted loss per share	$	1,730	5,353	$	0.32
Effective dilutive securities— Common stock options	—		60	—
Diluted income per share	$	1,730	5,413	$	0.32

Diluted earnings per share does not include the impact of common stock options totaling 696,000, 918,000 and 9,000 for the fiscal years ending March 31, 2013, 2012 and 2011, respectively, as the effect of their inclusion would be anti-dilutive.