Weighted Average Shares and Net Income Per Share

9 Months Ended

Dec. 31, 2020

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 decreased to 17,899,000 for the quarter ended December 31, 2020 from 18,253,000 for the quarter ended December 31, 2019.  Diluted weighted average common and common equivalent shares outstanding decreased to 18,180,000 for the quarter ended December 31, 2020 from 18,526,000 for the quarter ended December 31, 2019.  Basic weighted average common shares outstanding decreased to 17,939,000 for the nine months ended December 31, 2020 from 18,410,000 for the nine months ended December, 2019. Diluted weighted average common and common equivalent shares outstanding decreased to 18,156,000 for the nine months ended December 31, 2020 from 18,695,000 for the nine months ended December 31, 2019.

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 period.  The following table sets forth the calculations of the basic and diluted weighted average common shares for the three and nine months ended December 31, 2020 and 2019:

	Three Months Ended December 31,
	2020		2019
Net Income	$	11,380,000	$	9,352,000
Basic:
Weighted average common shares outstanding		17,899,000		18,253,000
Net Income per share	$	0.64	$	0.51
Diluted:
Weighted average common shares outstanding		17,899,000		18,253,000
Treasury stock impact of stock options		281,000		273,000
Total common and common equivalent shares		18,180,000		18,526,000
Net Income per share	$	0.63	$	0.50

	Nine Months Ended December 31,
	2020		2019
Net Income	$	31,547,000	$	35,630,000
Basic:
Weighted average common shares outstanding		17,939,000		18,410,000
Net Income per share	$	1.76	$	1.94
Diluted:
Weighted average common shares outstanding		17,939,000		18,410,000
Treasury stock impact of stock options		217,000		285,000
Total common and common equivalent shares		18,156,000		18,695,000
Net Income per share	$	1.74	$	1.91