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,
	2014		2013		2014		2013

	(unaudited)				(unaudited)
Net income	$	6,622	$	552	$	15,944	$	5,914
Weighted average shares - basic		31,585		31,192		31,488		31,088
Weighted average shares - diluted		32,231		32,032		32,173		31,838
Net income per share - basic	$	0.21	$	0.02	$	0.51	$	0.19
Net income per share - diluted	$	0.21	$	0.02	$	0.50	$	0.19

Diluted weighted average shares includes approximately 646,000 and 840,000 common equivalent shares from stock options for the three months ended December 31, 2014 and 2013, and approximately 685,000 and 750,000 common equivalent shares from stock options for the nine months ended December 31, 2014 and 2013.

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, 2014, there were outstanding weighted average options to purchase 2,687,092 and 2,557,883 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, 2013, there were outstanding weighted average options to purchase 3,002,055 and 2,780,263 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.