Note D — Weighted Average Shares and Net Income Per Share

Basic weighted average common shares outstanding decreased from 19,572,000 for the quarter ended June 30, 2016 to 18,811,000 for the quarter ended June 30, 2017.  Diluted weighted average common and common equivalent shares outstanding decreased from 19,75 4,000 for the quarter ended June 30, 2016 to 19,000,000 for the quarter ended June 30, 2017.  The net decrease in both of these weighted average share calculations is due to the repurchase of common stock as noted above, offset by an increase in shares outstanding due to the exercise of stock options under the Plan.

Net income per common and common equivalent share was computed by dividing net income by the weighted average number of common and common share equivalents outstanding during the quarter.  The following table sets forth the calculations of the basic and diluted weighted average shares for the three months ended June 30, 2016 and 2017:

 

 

 

Three Months Ended June 30,

 

 

 

2016

 

 

2017

 

Net Income

 

$

7,491,000

 

 

$

8,775,000

 

Basic:

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

19,572,000

 

 

 

18,811,000

 

Net Income per share

 

$

0.38

 

 

$

0.47

 

Diluted:

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

19,572,000

 

 

 

18,811,000

 

Treasury stock impact of stock options

 

 

182,000

 

 

 

189,000

 

Total common and common equivalent shares

 

 

19,754,000

 

 

 

19,000,000

 

Net Income per share

 

$

0.38

 

 

$

0.46

 

 

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

Exec. VP of CorVel Corp. just picked up 1,070 shares - Nov. 22, 2017
CorVel Corp. Just Filed Its Quarterly Report: Note D — Weighted A... - Nov. 14, 2017
Notification of inability to timely file Form 10-Q or 10-QSB - Nov. 13, 2017
CorVel Corp.'s Chief Information Officer just cashed-in 1,000 options - Nov. 9, 2017
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