NET INCOME PER SHARE

6 Months Ended

Sep. 30, 2013

NET INCOME PER SHARE [Abstract]

NET INCOME PER SHARE

NOTE 12. 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				Six Months Ended
	September 30,				September 30,
	2013		2012		2013		2012
Numerator:
Net income	$	3,996	$	12,909	$	7,225	$	15,773
Denominator:
Weighted average common shares outstanding - basic		22,306,000		21,920,000		22,268,000		21,869,000
Weighted average effect of dilutive securities:
Stock options		24,000		107,000		25,000		107,000
Restricted stock units		216,000		252,000		268,000		277,000
Warrants		28,000		27,000		28,000		27,000
Weighted average common shares outstanding - diluted		22,574,000		22,306,000		22,589,000		22,280,000
Net income per share:
Basic net income per share	$	0.18	$	0.59	$	0.32	$	0.72
Diluted net income per share	$	0.18	$	0.58	$	0.32	$	0.71

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. There were no stock options and warrants excluded from the computation of diluted weighted average shares outstanding during the three and six months ended September 30, 2013 and 2012.

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				Six Months Ended
	September 30,				September 30,
	2013		2012		2013		2012
Weighted average number of shares underlying antidilutive restricted stock units		-		-		-		101,000

If the performance criteria for our restricted stock unit awards (performance vesting) are achieved, these awards will be considered outstanding for the purpose of computing diluted net income per share if the effect is dilutive. Because the performance criteria for these restricted stock unit awards (performance vesting) were not achieved during the three and six months ended September 30, 2013 and 2012, these awards were not included in the diluted net income per share calculation.