EARNINGS PER SHARE

3 Months Ended

Jun. 30, 2014

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 June 30, 2014, we no longer have any unvested shares of RSAs that contained non-forfeitable rights to dividends. In addition, we no longer grant RSAs that contain non-forfeitable rights to dividends.

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 months ended June 30, 2014 and June 30, 2013 (in thousands, except per share data).

	Three months ended June 30,
	2014		2013
Basic and diluted shares outstanding
Weighted average shares outstanding — basic		7,504		7,914
Effect of dilutive shares		55		71
Weighted average shares outstanding — diluted		7,559		7,985
Calculation of earnings per share - basic
Net earnings	$	9,477	$	7,850
Net earnings attributable to participating securities		48		123
Net earnings attributable to common shareholders	$	9,429	$	7,727
Earnings per share - basic	$	1.26	$	0.98
Calculation of earnings per share - diluted
Net earnings attributable to common shareholders— basic	$	9,429	$	7,727
Add: undistributed earnings attributable to participating securities		-		-
Net earnings attributable to common shareholders— diluted	$	9,429	$	7,727
Earnings per share - diluted	$	1.25	$	0.97

There were 78,165 and 77,115 unvested RSAs that were excluded from the computation of diluted earnings per share for the three months ended June 30 2014 and 2013, respectively, as the impact of including these shares was anti-dilutive. All unexercised stock options were included in the computations of diluted earnings per share for the three months ended June 30, 2013. As of June 30, 2014, we had no unexercised stock options.