EARNINGS PER SHARE (Tables)

9 Months Ended

Dec. 31, 2012

Reconciliation of Numerators and Denominators Used to Calculate Basic and Diluted Earnings per Common Share

The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net earnings per common share as disclosed in our unaudited condensed consolidated statements of operations for the three and nine months ended December 31, 2012 and December 31, 2011 (in thousands, except per share data).

	Three months ended December 31,				Nine months ended December 31,
	December 31, 2012		December 31, 2011		December 31, 2012		December 31, 2011
Basic and diluted shares outstanding
Weighted average shares outstanding — basic		7,843		7,819		7,778		8,092
Effect of dilutive shares		-		79		90		92
Weighted average shares outstanding — diluted		7,843		7,898		7,868		8,184

Calculation of earnings per share - basic
Net earnings	$	9,033	$	8,743	$	27,128	$	19,510
Net earnings attributable to participating securities		342		295		507		630
Net earnings attributable to common shareholders	$	8,691	$	8,448	$	26,621	$	18,880

Earnings per share - basic	$	1.11	$	1.08	$	3.42	$	2.33

Calculation of earnings per share - diluted
Net earnings attributable to common shareholders	$	8,691	$	8,448	$	26,621	$	18,880
Add: undistributed earnings attributable to participating securities		-		2		1		7
Net earnings attributable to common shareholders	$	8,691	$	8,450	$	26,622	$	18,887

Earnings per share - diluted	$	1.11	$	1.07	$	3.38	$	2.31