EARNINGS PER SHARE

12 Months Ended

Mar. 31, 2012

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

12. 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 income per common share as disclosed on our consolidated statements of operations for the year ended March 31, 2012, 2011 and 2010 (in thousands, except per share data):

	Year Ended March 31,
	2012		2011		2010
Net earnings available to common shareholders-basic and diluted	$	23,367	$	23,727	$	12,745
Weighted average shares outstanding - basic		8,002		8,201		8,267
Effect of dilutive shares		212		222		202
Weighted average shares outstanding - diluted	$	8,214	$	8,423	$	8,469
Earnings per common share:
Basic	$	2.92	$	2.89	$	1.54
Diluted	$	2.84	$	2.82	$	1.50

All unexercised stock options were included in the computations of diluted earnings per common share ("EPS") for the years ended March 31, 2012 and the year ended March 31, 2011. Unexercised employee stock options to purchase of 151,000, shares of our common stock were not included in the computations of diluted EPS for the year ended March 31, 2010. These options were excluded because the options' exercise prices were greater than the average market price of our common stock during the applicable periods making them anti-dilutive.