EARNINGS PER SHARE

3 Months Ended

Jun. 30, 2011

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

10. EARNINGS PER SHARE

Basic earnings per share is calculated by dividing net earnings available to common shareholders by the basic weighted average number of shares of common stock outstanding during each period. Diluted earnings per share is calculated by dividing net earnings available to common shareholders by the basic weighted average number of shares of common stock outstanding plus incremental shares issuable upon the assumed exercise of “in-the-money” stock options and other common stock equivalents during each period.

The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net earnings per common share as disclosed on our unaudited condensed consolidated statements of operations for the three months ended June 30, 2011 and June 30, 2010 (in thousands, except per share data).

	Three months ended June 30,
	2011		2010
Net earnings available to common shareholders—basic and diluted	$	3,703	$	4,713
Weighted average shares outstanding — basic		8,307		8,123
Effect of dilutive shares		182		183
Weighted average shares outstanding — diluted	$	8,489	$	8,306
Earnings per common share:
Basic	$	0.45	$	0.58
Diluted	$	0.44	$	0.57

All unexercised stock options were included in the computations of diluted earnings per share for the three months ended June 30, 2011 and 2010.