Net Income Per Share

3 Months Ended

Jun. 30, 2015

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 June 30,
	2015		2014
Net income	$	1,910,000	$	3,949,000
Basic shares		18,002,877		15,082,818
Effect of potentially dilutive securities		885,136		838,549
Diluted shares		18,888,013		15,921,367
Net income per share:
Basic net income per share	$	0.11	$	0.26
Diluted net income per share	$	0.10	$	0.25

The effect of dilutive options excludes (i) 2,722 shares subject to options with an exercise price of $31.10 per share for the three months ended June 30, 2015 and (ii) 1,837 shares subject to options with an exercise price of $25.51 per share for the three months ended June 30, 2014, which were anti-dilutive.