Quarterly report pursuant to Section 13 or 15(d)

Earnings and Net Income (Loss) per Common Share

v2.4.0.8
Earnings and Net Income (Loss) per Common Share
 9 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Earnings and Net Income (Loss) per Common Share
Earnings and Net Income per Common Share
Basic earnings per share ("EPS") 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 target number of shares would be issued within the calculation of diluted net income per common share.
The reconciliations of the denominators used to calculate basic EPS and diluted EPS for the three and nine months ended December 31, 2013 and 2012, respectively, are as follows:
 
 Three Months Ended December 31, 2013
 
 Three Months Ended December 31, 2012
 
 Nine Months Ended December 31, 2013
 
Nine Months Ended December 31, 2012
Basic net income per common share
 

 
 

 
 
 
 
Net income
$
12,583

 
$
7,738

 
$
16,217

 
$
21,325

Weighted-average common shares outstanding
31,689,887

 
30,947,064

 
31,506,745

 
30,672,803

Basic net income per common share
$
0.40

 
$
0.25

 
$
0.51

 
$
0.70

 
 Three Months Ended December 31, 2013
 
 Three Months Ended December 31, 2012
 
 Nine Months Ended December 31, 2013
 
Nine Months Ended December 31, 2012
Diluted net income per common share
 

 
 

 
 

 
 

Net income
$
12,583

 
$
7,738

 
$
16,217

 
$
21,325

Weighted-average common shares outstanding
31,689,887

 
30,947,064

 
31,506,745

 
30,672,803

Common share equivalents:
 
 
 
 
 
 
 
Stock options
473,364

 
868,110

 
543,376

 
1,028,056

Restricted and performance stock units
61,308

 
55,923

 
36,449

 
24,865

Weighted average shares outstanding – dilutive (1)
32,224,559

 
31,871,097

 
32,086,570

 
31,725,724

Diluted net income per common share
$
0.39

 
$
0.24

 
$
0.51

 
$
0.67

(1) 50,307 and 168,211 equity awards were not included in the calculation of diluted net income per common share since they would have had an anti-dilutive effect for the three and nine months ended December 31, 2013, respectively. For the three and nine months ended December 31, 2012 56,532, equity awards were not included in the calculation of diluted net income per common share as they were anti-dilutive.