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

	Three Months Ended
		June 30,
	2012		2011

	(unaudited)
Net income	$	6,007	$	9,976
Weighted average shares - basic		31,351		31,508
Weighted average shares - diluted		32,378		32,806
Net income per share - basic	$	0.19	$	0.32
Net income per share - diluted	$	0.19	$	0.30

Diluted weighted average shares includes approximately 1,027,000 and 1,298,000 common equivalent shares from stock options for the three months ended June 30, 2012 and 2011.

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 months ended June 30, 2012 and 2011, there were outstanding weighted average options to purchase 1,682,804 and 619,173 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.