Quarterly report pursuant to Section 13 or 15(d)

Earnings and Net Income (Loss) per Common Share

v2.4.1.9
Earnings and Net Income (Loss) per Common Share
 9 Months Ended
Dec. 31, 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 nine months ended December 31, 2014 and 2013, respectively, are as follows:
 
 Three Months Ended December 31, 2014
 
 Three Months Ended December 31, 2013
 
Nine Months Ended December 31, 2014
 
Nine Months Ended December 31, 2013
Basic net income per common share
 

 
 

 
 
 
 
Net income
$
15,603

 
$
12,583

 
$
38,885

 
$
16,217

Weighted-average common shares outstanding
32,066,877

 
31,689,887

 
32,014,840

 
31,506,745

Basic net income per common share
$
0.49

 
$
0.40

 
$
1.21

 
$
0.51

 
 Three Months Ended December 31, 2014
 
 Three Months Ended December 31, 2013
 
Nine Months Ended December 31, 2014
 
Nine Months Ended December 31, 2013
Diluted net income per common share
 

 
 

 
 

 
 

Net income
$
15,603

 
$
12,583

 
$
38,885

 
$
16,217

Weighted-average common shares outstanding
32,066,877

 
31,689,887

 
32,014,840

 
31,506,745

Common share equivalents:
 
 
 
 
 
 
 
Stock options
265,957

 
473,364

 
285,344

 
543,376

Restricted and performance stock units
122,629

 
61,308

 
90,926

 
36,449

Weighted average shares outstanding – dilutive (1)
32,455,463

 
32,224,559

 
32,391,110

 
32,086,570

Diluted net income per common share
$
0.48

 
$
0.39

 
$
1.20

 
$
0.51

(1) For the three months and nine months ended December 31, 2014, 48,728 and 49,193 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, 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.