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

	Year Ended March 31,
	2013		2012		2011
Net income	$	7,648	$	30,306	$	36,647
Weighted average shares - basic		31,025		31,344		31,235
Weighted average shares - diluted		31,695		32,496		32,008
Net income per share - basic	$	0.25	$	0.97	$	1.17
Net income per share - diluted	$	0.24	$	0.93	$	1.14

Diluted weighted average shares includes approximately 670,000, 1,152,000 and 773,000 common equivalent shares from stock options for fiscal 2013, 2012 and 2011, respectively.

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. In fiscal 2013, 2012 and 2011, there were outstanding options to purchase 2,660,163, 1,098,314 and 2,003,579 shares, respectively, at weighted average exercise prices of $11.86, $12.99 and $11.31 per share, respectively, that were not included in the computation of dilutive net income per share since the exercise prices of the options exceeded the market price of the common stock and thus their inclusion would be anti-dilutive. These options could dilute earnings per share in future periods if the market price of the common stock increases.