Earnings Per Share

9 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Note 3. Earnings Per Share

The Company has granted stock compensation awards with nonforfeitable dividend rights which are considered participating securities. Earnings per share is calculated using the two-class method, as such awards are more dilutive under this method than the treasury stock method. Basic earnings per share is calculated by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period, which excludes the participating securities. The Company's participating securities are non-vested restricted shares which are not required to share losses, and accordingly, are not allocated losses in periods of net loss. Diluted earnings per share include the dilutive effect of additional potential common shares from stock compensation awards. For the three and nine months ended December 31, 2023, potentially dilutive securities that were not included in the diluted per share calculation because they would be anti-dilutive comprise 10 thousand shares from options to purchase common shares. For the three and nine months ended December 31, 2022, potentially dilutive securities that were not included in the diluted per share calculation because they would be anti-dilutive comprise 10 thousand shares from options to purchase common shares. Earnings per share is computed based on the following weighted average number of common shares outstanding:

	Three months ended December 31, (In thousands, except per share amounts)						Nine months ended December 31, (In thousands, except per share amounts)
	2023			2022			2023			2022
Numerator
Net loss per consolidated statements of income	$	(11,661	)	$	(13,373	)	$	(20,590	)	$	(18,322	)
Percentage allocated to shareholders *		100.0	%		100.0	%		100.0	%		100.0	%
Numerator for basic and diluted earnings per share	$	(11,661	)	$	(13,373	)	$	(20,590	)	$	(18,322	)
Denominator
Denominator for basic earnings per share - weighted-average shares outstanding		7,286			7,219			7,285			7,349
Dilutive effect of stock options		—			—			—			—
Denominator for diluted earnings per share		7,286			7,219			7,285			7,349
Per share loss from continuing operations
Basic	$	(1.60	)	$	(1.85	)	$	(2.83	)	$	(2.49	)
Diluted		(1.60	)		(1.85	)		(2.83	)		(2.49	)
* Basic weighted-average shares outstanding		7,286			7,219			7,285			7,349
Basic weighted-average shares outstanding and unvested restricted stock units expected to vest		7,287			7,219			7,285			7,349
Percentage allocated to shareholders		100.0	%		100.0	%		100.0	%		100.0	%