12.

Computation of Earnings per Share

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

	Year Ended March 31,
	2017		2016		2015
Net income	$	21,348	$	14,741	$	23,740
Weighted average shares - basic		31,544		31,579		31,531
Weighted average shares - diluted		32,248		32,381		32,239
Net income per share - basic	$	0.68	$	0.47	$	0.75
Net income per share - diluted	$	0.66	$	0.46	$	0.74

Diluted weighted average shares included approximately

704,000,

802,000

and

708,000

common equivalent shares from stock options for fiscal

2017,

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. In fiscal

2017,

2016

and

2015,

there were outstanding options to purchase

2,945,238,

1,943,420

and

2,357,772

shares, respectively, at weighted average exercise prices of

$11.79,

$12.02

and

$12.24

per share, 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.