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

	Year Ended March 31,
	2014		2013		2012
Net income	$	6,046	$	7,648	$	30,306
Weighted average shares - basic		31,146		31,025		31,344
Weighted average shares - diluted		31,916		31,695		32,496
Net income per share - basic	$	0.19	$	0.25	$	0.97
Net income per share - diluted	$	0.19	$	0.24	$	0.93

Diluted weighted average shares include approximately 770,000, 670,000 and 1,152,000 common equivalent shares from stock options for fiscal 2014, 2013 and 2012, 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 using the treasury stock method. In fiscal 2014, 2013 and 2012, there were outstanding options to purchase 2,483,106, 2,660,163 and 1,098,314 shares, respectively, at weighted average exercise prices of $11.93, $11.86 and $12.99 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.