Earnings Per Share

12 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

17. 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. The following table sets forth the computation of basic and diluted earnings per share:

	Year Ended March 31,
	2012		2011		2010
	(Dollars in thousands, except per share amounts)
Net income attributable to Cavco common stockholders	$	15,237	$	2,831	$	(3,371	)
Weighted average shares outstanding:
Basic		6,877,437		6,637,270		6,516,572
Common stock equivalents—treasury stock method		71,640		222,187		—
Diluted		6,949,077		6,859,457		6,516,572
Net income per share attributable to Cavco common stockholders:
Basic	$	2.22	$	0.43	$	(0.52	)
Diluted	$	2.19	$	0.41	$	(0.52	)

Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the years ended March 31, 2012, 2011 and 2010 were 2,568, 84 and 246,192, respectively.