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
 6 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings and Net Income (Loss) per Common Share
Earnings and Net Income per Common Share
Basic earnings per share ("EPS") and net loss per share is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted net income per common 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 and diluted EPS for the three and six months ended September 30, 2014 and 2013, respectively, are as follows:
 
 Three Months Ended September 30, 2014
 
 Three Months Ended September 30, 2013
 
Six Months Ended September 30, 2014
 
Six Months Ended September 30, 2013
Basic net income per common share
 

 
 

 
 
 
 
Net income
$
11,748

 
$
10,572

 
$
23,282

 
$
3,634

Weighted-average common shares outstanding
32,033,333

 
31,486,481

 
31,988,679

 
31,520,603

Basic net income per common share
$
0.37

 
$
0.34

 
$
0.73

 
$
0.12

 
 Three Months Ended September 30, 2014
 
 Three Months Ended September 30, 2013
 
Six Months Ended September 30, 2014
 
Six Months Ended September 30, 2013
Diluted net income per common share
 

 
 

 
 

 
 

Net income
$
11,748

 
$
10,572

 
$
23,282

 
$
3,634

Weighted-average common shares outstanding
32,033,333

 
31,486,481

 
31,988,679

 
31,520,603

Common share equivalents:
 
 
 
 
 
 
 
Stock options
277,703

 
588,673

 
290,284

 
582,766

Restricted and performance stock units
128,566

 
30,557

 
122,632

 
29,219

Weighted average shares outstanding – dilutive (1)
32,439,602

 
32,105,711

 
32,401,595

 
32,132,588

Diluted net income per common share
$
0.36

 
$
0.33

 
$
0.72

 
$
0.11

(1) For the three months and six months ended September 30, 2014, 48,728 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 six months ended September 30, 2013, 170,952 equity awards were not included in the calculation of diluted net income per common share since they would have had an anti-dilutive effect.