EARNINGS PER SHARE

6 Months Ended

Sep. 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. Unvested shares of restricted stock awards (“RSAs”), which contain non-forfeitable rights to dividends, whether paid or unpaid 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, 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 and six months ended September 30, 2014 and September 30, 2013 (in thousands, except per share data).

	Three months ended September 30,				Six months ended September 30,
	2014		2013		2014		2013
Basic and diluted shares outstanding
Weighted average common shares outstanding — basic		7,320		7,976		7,412		7,945
Effect of dilutive shares		25		44		49		62
Weighted average common shares outstanding — diluted		7,345		8,020		7,461		8,007
Calculation of earnings per share - basic
Net earnings	$	11,952	$	8,591	$	21,429	$	16,441
Net earnings attributable to participating securities		-		66		55		192
Net earnings attributable to common shareholders	$	11,952	$	8,525	$	21,374	$	16,249
Earnings per share - basic	$	1.63	$	1.07	$	2.88	$	2.05
Calculation of earnings per share - diluted
Net earnings attributable to common shareholders— basic	$	11,952	$	8,525	$	21,374	$	16,249
Add: undistributed earnings attributable to participating securities		-		-		1		1
Net earnings attributable to common shareholders— diluted	$	11,952	$	8,525	$	21,375	$	16,250
Earnings per share - diluted	$	1.63	$	1.06	$	2.86	$	2.03

As of both September 30, 2013 and 2014, we had no unexercised stock options.