AVERAGE SHARE INFORMATION

9 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

AVERAGE SHARE INFORMATION

AVERAGE SHARE INFORMATION

The following is a summary of the basic and diluted average common shares outstanding:

	Three months ended December 31,		Nine months ended December 31,
	2012	2011	2012	2011
Basic:
Weighted average common shares outstanding (denominator)	12,837,327	14,747,139	13,144,131	15,046,415
Diluted:
Weighted average common shares outstanding	12,837,327	14,747,139	13,144,131	15,046,415
Dilutive potential common shares stock options	262,962	372,540	287,137	395,233
Conversion premium on convertible notes	—	—	—	11,925
Weighted average diluted shares outstanding (denominator)	13,100,289	15,119,679	13,431,268	15,453,573

Options to purchase 436,206 and 47,219 shares of common stock at various prices were outstanding during the three months ended December 31, 2012 and 2011 respectively, but were not included in the computation of diluted EPS because the option exercise price was antidilutive.  

Options to purchase 289,440 and 16,468 shares of common stock at various prices were outstanding during the nine months ended December 31, 2012 and 2011, respectively, but were not included in the computation of diluted EPS because the option exercise price was antidilutive.  

During the nine months ended December 31, 2011, the warrants related to the Company’s former convertible notes payable were not included in the computation of dilutive earnings per share because the effect of such instruments was anti-dilutive. The warrants, which expired on February 9, 2012, had a strike price of $73.97 and were generally exercisable at any time through February 9, 2012.  The Company issued and sold the warrants in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended, by virtue of section 4(2) thereof.  There were no underwriting commissions or discounts in connection with the sale of the warrants.