Note D — Weighted Average Shares and Net Income Per Share

Basic weighted average common shares outstanding decreased from 19,572,000 for the quarter ended June 30, 2016 to 18,811,000 for the quarter ended June 30, 2017. Diluted weighted average common and common equivalent shares outstanding decreased from 19,754,000 for the quarter ended June 30, 2016 to 19,000,000 for the quarter ended June 30, 2017. 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 months ended June 30, 2016 and 2017:

	Three Months Ended June 30,
	2016		2017
Net Income	$	7,491,000	$	8,775,000
Basic:
Weighted average common shares outstanding		19,572,000		18,811,000
Net Income per share	$	0.38	$	0.47
Diluted:
Weighted average common shares outstanding		19,572,000		18,811,000
Treasury stock impact of stock options		182,000		189,000
Total common and common equivalent shares		19,754,000		19,000,000
Net Income per share	$	0.38	$	0.46