Annual report pursuant to Section 13 and 15(d)

Net Income (Loss) per Common Share

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Net Income (Loss) per Common Share
 12 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
Net Income (Loss) per Common Share
Net Income per Common Share
Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted net income per share is computed by dividing net income by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which includes options and both restricted and performance stock units, is computed using the treasury stock method.  With regard to the performance stock units, we assumed that the associated performance targets will be met at the target level of performance for purposes of calculating diluted net income per common share for fiscal 2014 and 2013, the only periods in which the performance stock units were outstanding.
The reconciliation of the denominators used to calculate basic EPS and diluted EPS for fiscal 2014, fiscal 2013, and fiscal 2012, respectively, is as follows:
 
 
Year Ended March 31, 2014
 
Year Ended March 31, 2013
 
Year Ended March 31, 2012
Basic net income per common share
 
 
 
 
 
 
Net income
 
$
25,799

 
$
26,974

 
$
12,030

Weighted-average common shares outstanding
 
31,595,019

 
30,796,675

 
29,083,478

Basic net income per common share
 
$
0.82

 
$
0.88

 
$
0.41

 
 
Year Ended March 31, 2014
 
Year Ended March 31, 2013
 
Year Ended March 31, 2012
Diluted net income per common share
 
 

 
 

 
 
Net income
 
$
25,799

 
$
26,974

 
$
12,030

Weighted-average common shares outstanding
 
31,595,019

 
30,796,675

 
29,083,478

Common share equivalents:
 
 
 
 
 
 
Stock options issued
 
502,886

 
953,710

 
1,370,777

Restricted and performance stock units issued
 
56,007

 
46,445

 
—

Weighted average shares outstanding – dilutive
 
32,153,912

 
31,796,830

 
30,454,255

Diluted net income per common share
 
$
0.80

 
$
0.85

 
$
0.40


For the year ended March 31, 2014, 168,118 equity awards were not included in the calculation of diluted net income per common share since they would have had an anti-dilutive effect. In fiscal 2013 and 2012, all equity awards were dilutive and included in the calculation above.