EARNINGS PER SHARE (Tables)

3 Months Ended

Jun. 30, 2014

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 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