Earnings Per Share

12 Months Ended

Mar. 31, 2013

Earnings Per Share

Note 19 – Earnings Per Share

Basic earnings per share for the years ended March 31, 2013 and 2012 has been determined by dividing net loss available to common equity for the respective periods by the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed by dividing net loss available to common equity by the weighted average number of common shares outstanding plus the effect of dilutive securities. The effects of dilutive securities are computed using the treasury stock method.

The computation of earnings per share for fiscal years 2013, 2012 and 2011 is as follows:

	Year Ended March 31,
	2013			2012			2011
	(In thousands, except share and per share data)
Numerator:
Numerator for basic and diluted earnings per share – net loss available to common equity	$	(48,144	)	$	(50,429	)	$	(54,524	)
Denominator:
Denominator for basic earnings per share – weighted-average shares		21,247			21,248			21,252
Effect of dilutive securities:
Employee stock options		—			—			—
Denominator for diluted earnings per share – adjusted weighted-average shares and assumed conversions		21,247			21,248			21,252
Basic loss per common share	$	(2.27	)	$	(2.37	)	$	(2.57	)
Diluted loss per common share	$	(2.27	)	$	(2.37	)	$	(2.57	)

At March 31, 2013, approximately 120,000 stock options were excluded from the calculation of diluted earnings per share because they were anti-dilutive, representing all stock options currently outstanding. Common stock warrants (see Note 12) to purchase up to 7,399,103 shares at an exercise price of $2.23 were also not included in the computation of diluted earnings per share because the exercise price of the warrants was greater than the average market price of common stock and, therefore, anti-dilutive.