NET INCOME PER SHARE

3 Months Ended

Jun. 30, 2016

NOTE 15.

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 restricted stock units and warrants.

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

	Three Months Ended June 30,
	2016		2015
Numerator:
Net income	$	6,890	$	6,995
Denominator:
Weighted average common shares outstanding - basic
Weighted average effect of dilutive securities:		22,465,000		22,624,000
Restricted stock units		220,000		254,000
Warrants		-		1,000
Weighted average common shares outstanding - diluted		22,685,000		22,879,000
Net income per share:
Basic net income per share	$	0.31	$	0.31
Diluted net income per share	$	0.30	$	0.31

For our PSUs, 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. Because the performance criteria for FY2017 PSUs were not achieved during the three months ended June 30, 2016, these awards were not included in the diluted net income per share calculation.

Restricted stock units for 161,000 and 0 shares during the three months ended June 30, 2016 and 2015, respectively, were outstanding but not included in the computation of diluted net income per share because the effect would be antidilutive.

Warrants are excluded from the computation of diluted weighted average shares outstanding if the exercise price of the warrants is greater than the average market price of our common stock during the period because the inclusion of these warrants would be antidilutive to net income per share. There were no warrants excluded from the computation of diluted weighted average shares outstanding during the three months ended June 30, 2016 and 2015.