Earnings Per Share

6 Months Ended

Sep. 30, 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 (dollars in thousands, except per share amounts):

	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2012		2011		2012		2011
Net income attributable to Cavco common stockholders	$	1,254	$	1,685	$	2,114	$	11,907
Weighted average shares outstanding:
Basic		6,967,954		6,890,122		6,945,815		6,864,427
Common stock equivalents—treasury stock method		73,801		47,685		60,507		57,031
Diluted		7,041,755		6,937,807		7,006,322		6,921,458
Net income per share attributable to Cavco common stockholders:
Basic	$	0.18	$	0.24	$	0.30	$	1.73
Diluted	$	0.18	$	0.24	$	0.30	$	1.72

Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the three months ended September 30, 2012 and 2011were 13,541 and 16,609, respectively. There were 8,595 and 7,387 anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the six months ended September 30, 2012 and 2011, respectively.