Earnings Per Share

3 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

16. Earnings Per Share

Basic earnings per common share is computed based on the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed based on the combination of dilutive common share equivalents, comprised of shares issuable under the Company’s share-based compensation plans and the weighted-average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money options to purchase shares, which is calculated based on the average share price for each period using the treasury stock method. However, when a net loss exists, no potential common stock equivalents are included in the computation of the diluted per-share amount because the computation would result in an anti-dilutive per-share amount. The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended
	June 30,
	2011		2010
Net income attributable to Cavco common stockholders	$	8,608	$	518
Weighted average shares outstanding:
Basic		6,838,324		6,541,739
Common stock equivalents — treasury stock method		56,056		211,526
Add: Effect of dilutive stock options		—		—
Diluted		6,894,380		6,753,265
Net income per share attributable to Cavco common stockholders:
Basic	$	1.26	$	0.08
Diluted	$	1.25	$	0.08

Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the three months ended June 30, 2011 and 2010 were 4,820 and 547, respectively.