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Weighted Average Shares and Net Income Per Share
3 Months Ended
Jun. 30, 2012
Weighted Average Shares and Net Income Per Share [Abstract]  
Weighted Average Shares and Net Income Per Share

Note D — Weighted Average Shares and Net Income Per Share

Weighted average basic common and common equivalent shares decreased from 11,617,000 for the quarter ended June 30, 2011 to 11,313,000 for the quarter ended June 30, 2012. Weighted average diluted common and common equivalent shares decreased from 11,787,000 for the quarter ended June 30, 2011 to 11,426,000 for the quarter ended June 30, 2012. The net decrease in both of these weighted share calculations is due to the repurchase of common stock as noted above, offset by an increase in shares outstanding due to the exercise of stock options under the Company’s employee stock option plan.

Net income per common and common equivalent shares was computed by dividing net income by the weighted average number of common and common stock equivalents outstanding during the quarter. The calculations of the basic and diluted weighted shares for the three months ended June 30, 2011 and 2012, are as follows:

 

                 
    Three Months Ended June 30,  
    2011     2012  

Net Income

  $ 8,198,000     $ 6,596,000  
   

 

 

   

 

 

 

Basic:

               

Weighted average common shares outstanding

    11,617,000       11,313,000  
   

 

 

   

 

 

 

Net Income per share

  $ 0.71     $ 0.58  
   

 

 

   

 

 

 

Diluted:

               

Weighted average common shares outstanding

    11,617,000       11,313,000  

Treasury stock impact of stock options

    170,000       113,000  
   

 

 

   

 

 

 

Total common and common equivalent shares

    11,787,000       11,426,000  
   

 

 

   

 

 

 

Net Income per share

  $ 0.70     $ 0.58