Note 12 - Computation of Earnings per Share

12 Months Ended

Mar. 31, 2016

. Computation of Earnings per Share

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

	Year Ended March 31,
	2016		2015		2014
Net income	$	14,741	$	23,740	$	6,046
Weighted average shares - basic		31,579		31,531		31,146
Weighted average shares - diluted		32,381		32,239		31,916
Net income per share - basic	$	0.47	$	0.75	$	0.19
Net income per share - diluted	$	0.46	$	0.74	$	0.19

Diluted weighted average shares include approximately 802,000, 708,000 and 770,000 common equivalent shares from stock options for fiscal 2016, 2015 and 2014, 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 2016, 2015 and 2014, there were outstanding options to purchase 1,943,420, 2,357,772 and 2,483,106 shares, respectively, at weighted average exercise prices of $12.02, $12.24 and $11.93 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.