Weighted Average Shares and Net Income Per Share

9 Months Ended

Dec. 31, 2018

Weighted Average Shares and Net Income Per Share

Note 5 — Weighted Average Shares and Net Income Per Share

Basic weighted average common shares outstanding decreased to 18,758,000 for the quarter ended December 31, 2018 from 18,849,000 for the quarter ended December 31, 2017. Diluted weighted average common and common equivalent shares outstanding decreased to 18,984,000 for the quarter ended December 31, 2018 from 19,121,000 for the quarter ended December 31, 2017. Basic weighted average common shares outstanding increased to 18,852,000 for the nine months ended December 31, 2018 from 18,806,000 for the nine months ended December 31, 2017. Diluted weighted average common and common equivalent shares outstanding increased to 19,058,000 for the nine months ended December 31, 2018 from 19,029,000 for the nine months ended December 31, 2017.

Net income per common and common equivalent share was computed by dividing net income by the weighted average number of common and common share equivalents outstanding during the quarter. The following table sets forth the calculations of the basic and diluted weighted average shares for the three and nine months ended December 31, 2018 and 2017:

	Three Months Ended December 31,
	2018		2017
Net Income	$	10,298,000	$	9,569,000
Basic:
Weighted average common shares outstanding		18,758,000		18,849,000
Net Income per share	$	0.55	$	0.51
Diluted:
Weighted average common shares outstanding		18,758,000		18,849,000
Treasury stock impact of stock options		226,000		272,000
Total common and common equivalent shares		18,984,000		19,121,000
Net Income per share	$	0.54	$	0.50

	Nine Months Ended December 31,
	2018		2017
Net Income	$	34,865,000	$	26,737,000
Basic:
Weighted average common shares outstanding		18,852,000		18,806,000
Net Income per share	$	1.85	$	1.42
Diluted:
Weighted average common shares outstanding		18,852,000		18,806,000
Treasury stock impact of stock options		206,000		223,000
Total common and common equivalent shares		19,058,000		19,029,000
Net Income per share	$	1.83	$	1.41