Weighted Average Shares and Net Income Per Share |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Shares and Net Income Per Share | Note 5 — Weighted Average Shares and Net Income Per Share Basic weighted average common shares outstanding increased to 18,922,000 for the quarter ended June 30, 2018 from 18,811,000 for the quarter ended June 30, 2017. Diluted weighted average common and common equivalent shares outstanding increased to 19,102,000 for the quarter ended June 30, 2018 from 19,000,000 for the quarter ended June 30, 2017. The net increase 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, 2018 and 2017:
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