Net Income Per Share

6 Months Ended

Sep. 30, 2014

Net Income Per Share [Abstract]

Net Income Per Share

9. Net Income Per Share

Basic net income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share includes the effect, if any, from the potential exercise or conversion of securities, such as stock options and warrants, which would result in the issuance of incremental shares of common stock.

The following presents a reconciliation of basic and diluted net income per share:

	Three Months Ended September 30,				Six Months Ended September 30,
	2014		2013		2014		2013
Income from continuing operations	$	1,475,000	$	2,164,000	$	5,424,000	$	2,267,000
Income from discontinued operations		-		-		-		100,877,000
Net income	$	1,475,000	$	2,164,000	$	5,424,000	$	103,144,000
Basic shares		15,975,437		14,460,979		15,531,566		14,460,979
Effect of dilutive stock options and warrants		850,990		246,017		841,160		234,129
Diluted shares		16,826,427		14,706,996		16,372,726		14,695,108
Net income per share:
Basic net income per share from continuing operations	$	0.09	$	0.15	$	0.35	$	0.16
Basic net income per share from discontinued operations		-		-		-		6.97
Basic net income per share	$	0.09	$	0.15	$	0.35	$	7.13
Diluted net income per share from continuing operations	$	0.09	$	0.15	$	0.33	$	0.15
Diluted net income per share from discontinued operations		-		-		-		6.87
Diluted net income per share	$	0.09	$	0.15	$	0.33	$	7.02

The effect of dilutive options excludes (i) 756,334 shares subject to options with exercise prices ranging from $9.85 to $15.06 per share for the three months ended September 30, 2013 and (ii) 1,301,534 shares subject to options with exercise prices ranging from $8.70 to $15.06 for the six months ended September 30, 2013 — all of which were anti-dilutive.