EARNINGS PER SHARE

6 Months Ended

Sep. 30, 2013

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

8. EARNINGS PER SHARE

Basic earnings per share is computed by dividing net earnings attributable to common shares by the weighted average number of common shares outstanding for the period. Diluted net earnings per share include the potential dilution of securities that could participate in our earnings, but not securities that are anti-dilutive. Certain unvested shares of restricted stock awards (“RSAs”) contain non-forfeitable rights to dividends, whether paid or unpaid. As a result, these RSAs are considered participating securities because their holders have the right to participate in earnings with common stockholders. We use the two-class method to allocate net income between common shares and other participating securities. As of September 30, 2013, we had 45 thousand shares of RSAs that contained non-forfeitable rights to dividends, which vest over the next 9 months. In addition, we no longer grant RSAs that contain non-forfeitable rights to dividends.

We corrected our reported earnings per share for the three and six months ended September 30, 2012. The weighted average shares outstanding used to calculate diluted earnings per common share decreased by 74 thousand and 91 thousand for the three and six months ended September 30, 2012, respectively. Basic and diluted earnings per share decreased by $0.03 and $0.02, respectively, for the three months ended September 30, 2012. Basic and diluted earnings per share decreased by $0.06 and $0.04, respectively, for the six months ended September 30, 2012.

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 six months ended September 30, 2013 and September 30, 2012 (in thousands, except per share data).

	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2013		2012		2013		2012
Basic and diluted shares outstanding
Weighted average shares outstanding — basic		7,976		7,770		7,945		7,745
Effect of dilutive shares		44		77		62		77
Weighted average shares outstanding — diluted		8,020		7,847		8,007		7,822
Calculation of earnings per share - basic
Net earnings	$	8,591	$	10,033	$	16,441	$	18,095
Net earnings attributable to participating securities		66		234		192		497
Net earnings attributable to common shareholders	$	8,525	$	9,799	$	16,249	$	17,598
Earnings per share - basic	$	1.07	$	1.26	$	2.05	$	2.27
Calculation of earnings per share - diluted
Net earnings attributable to common shareholders— basic	$	8,525	$	9,799	$	16,249	$	17,598
Add: undistributed earnings attributable to participating securities		-		2		1		5
Net earnings attributable to common shareholders— diluted	$	8,525	$	9,801	$	16,250	$	17,603
Earnings per share - diluted	$	1.06	$	1.25	$	2.03	$	2.25

All unexercised stock options were included in the computations of diluted earnings per share for the three and six months ended September 30, 2012. As of September 30, 2013, we had no unexercised stock options.