NET INCOME PER SHARE

12 Months Ended

Mar. 31, 2014

NET INCOME PER SHARE [Abstract]

NET INCOME PER SHARE

NOTE 14.  NET INCOME PER SHARE

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):

	Year Ended March 31,
	2014		2013		2012
Numerator:
Net income	$	14,185	$	27,459	$	13,091
Denominator:
Weighted average common shares outstanding - basic		22,270,000		21,946,000		22,084,000
Weighted average effect of dilutive securities:
Stock options		20,000		89,000		130,000
Restricted stock units		257,000		318,000		230,000
Warrants		28,000		28,000		18,000
Weighted average common shares outstanding - diluted		22,575,000		22,381,000		22,462,000
Net income per share:
Basic net income per share	$	0.64	$	1.25	$	0.59
Diluted net income per share	$	0.63	$	1.23	$	0.58

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 fiscal 2014, 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:

	Year Ended March 31,
	2014		2013		2012
Weighted average number of shares underlying antidilutive restricted stock units		5,000		2,000		267,000

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 restricted stock unit awards (performance vesting) related to FY2014 Performance RSUs were not achieved during fiscal 2014, these awards were not included in the diluted net income per share calculation.  The performance criteria for our restricted stock unit awards (performance vesting) related to FY 2013 Performance RSUs were achieved during fiscal 2013 and were included in the computation of diluted weighted average shares outstanding.  There were no restricted stock unit awards (performance vesting) excluded from the computation of diluted weighted average shares outstanding during fiscal 2013.