EARNINGS PER SHARE

6 Months Ended

Sep. 30, 2013

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 September 30, 2013 and 2012 are as follows:

	Three Months Ended September 30, 2013
	Net Income		Shares	Per Share
	(Numerator)		(Denominator)	Amount
	(in thousands)
Basic income per share	$	106	5,475	$	0.02
Effect of dilutive securities—Common stock options	—		224	—
Diluted income per share	$	106	5,699	$	0.02

	Three Months Ended September 30, 2012
	Net Income		Shares	Per Share
	(Numerator)		(Denominator)	Amount
	(in thousands)
Basic income per share	$	476	5,450	$	0.09
Effect of dilutive securities — Common stock options	—		185	(0.01		)
Diluted income per share	$	476	5,635	$	0.08

Reconciliations between the numerator and the denominator of the basic and diluted earnings per share computations for the six months ended September 30, 2013 and 2012 are as follows:

	Six Months Ended September 30, 2013
	Net Income		Shares	Per Share
	(Numerator)		(Denominator)	Amount
	(in thousands)
Basic income per share	$	136	5,470	$	0.02
Effect of dilutive securities—Common stock options	—		185	—
Diluted income per share	$	136	5,655	$	0.02

	Six Months Ended September 30, 2012
	Net Income		Shares	Per Share
	(Numerator)		(Denominator)	Amount
	(in thousands)
Basic income per share	$	969	5,445	$	0.18
Effect of dilutive securities — Common stock options	—		313	(0.01		)
Diluted income per share	$	969	5,758	$	0.17

Diluted earnings per share does not include the impact of common stock options totaling 672,568 and 650,916 for the three months ended September 30, 2013 and 2012, respectively, and 565,416 and 258,000 for the six months ended September 30, 2013 and 2012, respectively, as the effect of their inclusion would be anti-dilutive.