Weighted Average Shares and Net Income Per Share

6 Months Ended

Sep. 30, 2015

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 20,819,000 for the quarter ended September 30, 2014 to 19,902,000 for the quarter ended September 30, 2015. Weighted average diluted common and common equivalent shares decreased from 21,050,000 for the quarter ended September 30, 2014 to 20,063,000 for the quarter ended September 30, 2015. 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 and six months ended September 30, 2014 and 2015, are as follows:

	Three Months Ended September 30,
	2014		2015
Net Income	$	7,883,000	$	8,267,000
Basic:
Weighted average common shares outstanding		20,819,000		19,902,000
Net Income per share	$	0.38	$	0.42
Diluted:
Weighted average common shares outstanding		20,819,000		19,902,000
Treasury stock impact of stock options		231,000		161,000
Total common and common equivalent shares		21,050,000		20,063,000
Net Income per share	$	0.37	$	0.41
	Six Months Ended September 30,
	2014		2015
Net Income	$	16,182,000	$	15,167,000
Basic:
Weighted average common shares outstanding		20,877,000		20,026,000
Net Income per share	$	0.78	$	0.76
Diluted:
Weighted average common shares outstanding		20,877,000		20,026,000
Treasury stock impact of stock options		253,000		173,000
Total common and common equivalent shares		21,130,000		20,199,000
Net Income per share	$	0.77	$	0.75