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Note 13 Computation of Net Income (Loss) per Share
 9 Months Ended
Dec. 31, 2011
Net income per share  
Earnings Per Share Text Block

13. Computation of Net Income per Share

 

Basic and diluted earnings per share are calculated as follows (in thousands, except per share amounts):

 

  Three Months Ended  Nine Months Ended
   December 31,  December 31,
  2011 2010 2011 2010
             
  (unaudited) (unaudited)
            
 Net income$ 5,671 $ 7,306 $ 26,594 $ 20,713
 Weighted average shares - basic  31,203   31,096   31,335  31,210
 Common equivalent shares from stock options  1,035   975   1,170   667
 Weighted average shares - diluted  32,238   32,071   32,505  31,877
 Net income per share - basic$ 0.18 $ 0.23 $ 0.85 $ 0.66
 Net income per share - diluted$ 0.18 $ 0.23 $ 0.82 $ 0.65
             
             

Basic net income available per common share is computed using net income and the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed using net income and the weighted average number of common shares outstanding, assuming dilution, which includes potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of stock options and assumed vesting of restricted stock units using the treasury stock method. During the three and nine months ended December 31, 2011, there were outstanding weighted average options to purchase 1,525,471 and 945,787 shares, respectively, that were not included in the computation of diluted net income per share since the exercise prices of the options exceeded the market price of the common stock. During the three and nine months ended December 31, 2010, there were outstanding weighted average options to purchase 1,663,531 and 2,114,978 shares, respectively, that were not included in the computation of diluted net income per share since the exercise prices of the options exceeded the market price of the common stock. These options could dilute earnings per share in future periods if the market price of the common stock increases.