Earnings Per Share

3 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands):

	Three Months Ended
	June 30, 2014		June 30, 2013
Numerator for basic and diluted earnings per share:
Net income	$	6,733	$	7,020
Denominators:
Weighted-average common stock outstanding – denominator for basic EPS	19,850		19,520
Effect of dilutive employee stock options and other share-based awards	245		259
Adjusted weighted-average common stock outstanding and assumed conversions – denominator for diluted EPS	20,095		19,779

Stock options and performance shares with respect to 15,000 and 98,000 common shares for the three month periods ended June 30, 2014 and 2013, respectively, were not included in the computation of diluted earnings per share because they were antidilutive.

On July 26, 2010, the shareholders of the Company approved the 2010 Long Term Incentive Plan (“LTIP”).  The Company grants share based compensation to eligible participants under the LTIP.  The total number of shares of common stock with respect to which awards may be granted under the plan is 1,250,000 including shares not previously authorized for issuance under any of the Prior Stock Plans and any shares not issued or subject to outstanding awards under the Prior Stock Plans.

During the first three months of fiscal 2015 and 2014, a total of 60,073 and 68,217 shares of stock were issued upon the exercising of stock options related to the Company’s stock option plans. During the fiscal year ended March 31, 2014, 89,729 shares of restricted stock units vested and were issued.

On July 28, 2014 the Company's Board of Directors declared a dividend of $0.04 per common share. The dividend will be paid on August 18, 2014 to shareholders of record on August 8, 2014. The dividend payment is expected to be approximately $800,000.

Refer to the Company’s consolidated financial statements included in its Form 10-K for the year ended March 31, 2014 for further information on its earnings per share and stock plans.