Net Income Per Share

3 Months Ended

Jun. 30, 2011

Net Income Per Share [Abstract]

Net Income Per Share

NOTE 11.  NET INCOME PER SHARE

Basic net income per share is computed by dividing the net income attributable to common shareholders by the weighted average number of common shares outstanding during the period.  Diluted net income per share is computed by dividing the net income attributable to common shareholders by the weighted average number of common shares that would have been outstanding during the period assuming the issuance of common shares for all potential dilutive common shares outstanding using the treasury stock method.  Dilutive potential common shares outstanding include outstanding stock options, restricted stock units and warrants.

The following is a reconciliation of the weighted average number of common shares outstanding used in calculating basic and diluted net income per share (in thousands, except share and per share data):

	Three Months Ended
	June 30,
	2011		2010
Numerator:
Net income	$	2,214	$	3,580
Denominator:
Weighted average common shares outstanding - basic		22,681,000		22,211,000
Weighted average effect of dilutive securities:
Stock options		189,000		349,000
Restricted stock units		216,000		190,000
Warrants		9,000		-
Weighted average common shares outstanding - diluted		23,095,000		22,750,000
Net income per share:
Basic net income per share	$	0.10	$	0.16
Diluted net income per share	$	0.10	$	0.16

Stock options and warrants are excluded from the computation of diluted weighted average shares outstanding if the exercise price of the stock options and warrants is greater than the average market price of our common stock during the period because the inclusion of these stock options and warrants would be antidilutive to net income per share.  During the three months ended June 30, 2011 and 2010, there were no stock options and warrants excluded from the computation of diluted weighted average shares outstanding.

We excluded the following restricted stock units from the computation of diluted weighted average shares outstanding because the inclusion of these awards would be antidilutive to net income per share:

	Three Months Ended
	June 30,
	2011	2010
Weighted average number of shares underlying antidilutive restricted stock units	-	234,000