Weighted Average Shares and Net Income Per Share

9 Months Ended

Dec. 31, 2016

Weighted Average Shares and Net Income Per Share

Note D — Weighted Average Shares and Net Income Per Share

Basic weighted average common shares outstanding decreased from 19,673,000 for the quarter ended December 31, 2015 to 19,426,000 for the quarter ended December 31, 2016. Diluted weighted average common and common equivalent shares outstanding decreased from 19,852,000 for the quarter ended December 31, 2015 to 19,549,000 for the quarter ended December 31, 2016. The net decrease in both of these weighted average 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 Plan.

Net income per common and common equivalent share was computed by dividing net income by the weighted average number of common and common share equivalents outstanding during the quarter. The following table sets forth the calculations of the basic and diluted weighted average shares for the three and nine months ended December 31, 2015 and 2016:

	Three Months Ended December 31,
	2015		2016
Net Income	$	6,691,000	$	7,049,000
Basic:
Weighted average common shares outstanding		19,673,000		19,426,000
Net Income per share	$	0.34	$	0.36
Diluted:
Weighted average common shares outstanding		19,673,000		19,426,000
Treasury stock impact of stock options		179,000		123,000
Total common and common equivalent shares		19,852,000		19,549,000
Net Income per share	$	0.34	$	0.36

	Nine Months Ended December 31,
	2015		2016
Net Income	$	21,859,000	$	21,492,000
Basic:
Weighted average common shares outstanding		19,908,000		19,526,000
Net Income per share	$	1.10	$	1.10
Diluted:
Weighted average common shares outstanding		19,908,000		19,526,000
Treasury stock impact of stock options		175,000		153,000
Total common and common equivalent shares		20,083,000		19,679,000
Net Income per share	$	1.09	$	1.09