Weighted Average Shares and Net Income Per Share

9 Months Ended

Dec. 31, 2013

Earnings 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 shares decreased from 22,234,000 for the quarter ended December 31, 2012 to 20,936,000 for the quarter ended December 31, 2013. Weighted average diluted common and common equivalent shares decreased from 22,426,000 for the quarter ended December 31, 2012 to 21,256,000 for the quarter ended December 31, 2013. 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. During the quarter ended June 30, 2013, the Company’s Board of Directors declared a two-for-one stock split in the form of a 100% stock dividend with a record date of June 12, 2013 and a distribution date of June 26, 2013. All prior period share and per share calculations in these financial statements and elsewhere in this report have been retroactively adjusted to reflect this split. The calculations of the basic and diluted weighted shares for the three and nine months ended December 31, 2012 and 2013, are as follows:

	Three Months Ended December 31,
	2012		2013
Net Income	$	5,924,000	$	8,775,000
Basic:
Weighted average common shares outstanding		22,234,000		20,936,000
Net Income per share	$	0.27	$	0.42
Diluted:
Weighted average common shares outstanding		22,234,000		20,936,000
Treasury stock impact of stock options		192,000		320,000
Total common and common equivalent shares		22,426,000		21,256,000
Net Income per share	$	0.26	$	0.41

	Nine Months Ended December 31,
	2012		2013
Net Income	$	19,150,000	$	26,059,000
Basic:
Weighted average common shares outstanding		22,466,000		21,157,000
Net Income per share	$	0.85	$	1.23
Diluted:
Weighted average common shares outstanding		22,466,000		21,157,000
Treasury stock impact of stock options		210,000		249,000
Total common and common equivalent shares		22,676,000		21,406,000
Net Income per share	$	0.84	$	1.22