Quarterly report pursuant to Section 13 or 15(d)

Earnings and Net Income (Loss) per Common Share

v2.4.0.6
Earnings and Net Income (Loss) per Common Share
 6 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Earnings and Net Income (Loss) per Common Share
Earnings and Net Income (Loss) per Common Share
Basic earnings per share (EPS) and net loss per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during each period. Diluted net loss per share is computed by dividing net loss 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 target number of shares would be issued within the calculation of diluted net income per common share.
The reconciliation of the denominators used to calculate basic EPS and diluted EPS for the three and six months ended September 30, 2012 and 2011, respectively, are as follows:
 
Three Months Ended September 30, 2012
 
Three Months Ended September 30, 2011
 
Six Months Ended September 30, 2012
 
Six Months Ended September 30, 2011
Basic net income (loss) per common share
 

 
 

 
 
 
 
Net income (loss)
$
6,987

 
$
3,814

 
$
13,587

 
$
(1,152
)
Weighted-average common shares outstanding
30,725,652

 
29,523,641

 
30,534,607

 
28,640,896

Basic net income (loss) per common share
$
0.23

 
$
0.13

 
$
0.44

 
$
(0.04
)
 
Three Months Ended September 30, 2012
 
Three Months Ended September 30, 2011
Six Months Ended September 30, 2012
 
Six Months Ended September 30, 2011
Diluted net income (loss) per common share
 

 
 

 

 
 

Net income (loss)
$
6,987

 
$
3,814

$
13,587

 
$
(1,152
)
Weighted-average common shares outstanding
30,725,652

 
29,523,641

30,534,607

 
28,640,896

Common share equivalents:
 
 
 
 
 
 
Stock options issued
899,715

 
1,738,659

873,150

 
—

Restricted and performance stock units issued
15,576

 
—

11,222

 
—

Weighted average shares outstanding – dilutive (1)
31,640,943

 
31,262,300

31,418,979

 
28,640,896

Diluted net income (loss) per common share
$
0.22

 
$
0.12

$
0.43

 
$
(0.04
)
(1)         For the six months ended September 30, 2011 the Company was in a net loss position, therefore 1,671,801 common stock equivalents were not included in the calculation of diluted loss per common share since they would have had an anti-dilutive effect.