NET INCOME PER SHARE

6 Months Ended

Sep. 30, 2012

NET INCOME PER SHARE

NOTE 14 – NET INCOME PER SHARE

Calculations of the basic and diluted net income per share and potential common shares are as follows (in thousands, except per share data):

	Three Months Ended September 30,				Six months ended September 30,
	2012		2011		2012		2011
Basic:
Net income	$	9,910	$	7,051	$	14,918	$	9,450
Weighted average common shares outstanding		41,695		42,258		41,718		42,433
Basic net income per share	$	0.24	$	0.17	$	0.36	$	0.22
Diluted:
Net income	$	9,910	$	7,051	$	14,918	$	9,450
Weighted average common shares outstanding		41,695		42,258		41,718		42,433
Weighted average stock options		134		128		135		163
Weighted average restricted stock units		515		334		547		465
Diluted weighted average shares		42,344		42,720		42,400		43,061
Diluted net income per share	$	0.23	$	0.17	$	0.35	$	0.22

The following table sets forth restricted stock units excluded from the calculation of diluted net income per share, since their inclusion would be antidilutive (in thousands).

	Three Months Ended September 30,				Six months ended September 30,
	2012		2011		2012		2011
Restricted stock units		247		175		187		86
Total		247		175		187		86

Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are not considered outstanding for purposes of calculating basic earnings per share. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, restricted shares and restricted stock units using the treasury stock method. The calculation of the dilutive effect of outstanding equity awards under the treasury stock method includes consideration of proceeds from the assumed exercise of stock options, unrecognized compensation expense and any tax benefits as additional proceeds.