Note 14 - Computation of Earnings Per Share

9 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Earnings Per Share [Text Block]

14

. Computation of Earnings per Share

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,
	2016		2015		2016		2015
	(unaudited)				(unaudited)
Net income	$	5,100	$	2,286	$	12,054	$	8,544
Weighted average shares - basic		31,558		31,487		31,484		31,626
Weighted average shares - diluted		32,209		32,343		32,119		32,483
Net income per share - basic	$	0.16	$	0.07	$	0.38	$	0.27
Net income per share - diluted	$	0.16	$	0.07	$	0.38	$	0.26

Diluted weighted average shares included approximately

651,000

and

856,000

common equivalent shares from stock options for the

three

months ended

December

31,

2016

and

2015,

respectively, and approximately

635,000

and

857,000

common equivalent shares from stock options for the

nine

months ended

December

31,

2016

and

2015,

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. During the

three

and

nine

months ended

December

31,

2016,

there were outstanding options to purchase

3,299,065

and

3,108,615

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 and thus their inclusion would be anti-dilutive. During the

three

and

nine

months ended

December

31,

2015,

there were outstanding weighted average options to purchase

2,047,000

and

1,620,807

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 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.