NET INCOME PER SHARE

12 Months Ended

Mar. 31, 2015

NET INCOME PER SHARE [Abstract]

NET INCOME PER SHARE

NOTE 17. NET INCOME PER SHARE

The computations for basic and diluted net income from continuing and discontinued operations per share are as follows (in thousands, except share and per share data):

	Year Ended March 31,
	2015			2014			2013
Income from continuing operations	$	20,803		$	16,229		$	31,127
Loss from discontinued operations, net of tax		(1,154	)		(2,044	)		(3,668	)
Gain on sale of discontinued operations, net of tax		7,682			-			-
Net income	$	27,331		$	14,185		$	27,459
Weighted average common shares outstanding:
Basic		22,497,000			22,270,000			21,946,000
Effect of dilutive securities:
Stock options		1,000			20,000			89,000
Restricted stock units		276,000			257,000			318,000
Warrants		13,000			28,000			28,000
Diluted		22,787,000			22,575,000			22,381,000
Net income (loss) per share:
Basic
Continuing operations	$	0.92		$	0.73		$	1.42
Discontinued operations		0.29			(0.09	)		(0.17	)
Basic net income per share	$	1.21		$	0.64		$	1.25
Diluted
Continuing operations	$	0.91		$	0.72		$	1.39
Discontinued operations		0.29			(0.09	)		(0.16	)
Diluted net income per share	$	1.20		$	0.63		$	1.23

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 2015, 2014 and 2013.

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,
	2015		2014		2013
Weighted average number of shares underlying antidilutive restricted stock units		-		5,000		2,000

For our restricted stock unit awards (performance vesting), if the performance criteria are achieved during the period, these awards will be considered outstanding for the purpose of computing diluted net income per share if the effect is dilutive. The performance criteria for our restricted stock unit awards (performance vesting) related to FY2013 Performance RSUs and FY2015 Performance RSUs were achieved during the applicable performance period, fiscal 2013 and fiscal 2015, respectively, and accordingly, the dilutive effect of the shares were included in the computation of diluted weighted average shares outstanding. 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.