Note 5 - Earnings Per Share

6 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 5. 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. Ordinarily, 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. Dilutive earnings per share are calculated by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period which includes the dilutive effect of additional potential common shares from stock compensation awards. In a period of loss, the weighted-average number of common shares outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive. Therefore, in periods when a loss is reported, basic and dilutive loss per share are the same. 

In accordance with ASC 480-10-S99-3A, as the Company's redeemable noncontrolling interest is redeemable at an amount other than fair value, the Company has made an accounting policy election to reflect the entire adjustment to the carrying value, when the formula-based calculation of redemption value exceeds its stated carrying amount, as a deemed dividend. After accounting for the adjustments to the carrying value to reflect the changes in the calculated redemption amount for the three and six months ended September 30, 2025, as described in the Summary of Significant Accounting Policies (see Note 2) there were no resulting deemed dividends to be recognized and accordingly no adjustment was made to the numerator for calculating earnings per share.

For the six months ended September 30, 2025, there were no potentially dilutive securities excluded from the diluted net loss per share calculations due to there being none outstanding and also because they would be anti-dilutive if there were such dilutive shares outstanding during the period. For the six months ended September 30, 2024, potentially dilutive securities that were not included in the diluted net loss per share calculations because they would be anti-dilutive were comprised of 5 thousand shares from options to purchase common shares.

Loss and income per share has been computed based on the following weighted average number of common shares outstanding:

	Three Months Ended September 30,						Six Months Ended September 30,
	(In thousands, except per share amounts)						(In thousands, except per share amounts)
	2025			2024			2025			2024
Numerator
Net loss from continuing operations attributable to common shareholders	$	(802	)	$	(1,482	)	$	(1,588	)	$	(6,843	)
Net income from discontinued operations attributable to common shareholders	$	50		$	801		$	88		$	2,860
Net loss attributable to common shareholders	$	(752	)	$	(681	)	$	(1,500	)	$	(3,983	)
Denominator
Denominator for basic loss per share - weighted-average shares outstanding		6,754			6,654			6,731			6,701
Dilutive effect of stock options		-			5			-			5
Denominator for diluted earnings per share from discontinued operations		6,754			6,659			6,731			6,706
Per share loss from continuing operations attributable to common shareholders
Basic	$	(0.12	)	$	(0.22	)	$	(0.24	)	$	(1.02	)
Diluted		(0.12	)		(0.22	)	$	(0.24	)	$	(1.02	)
Per share income from discontinued operations attributable to common shareholders
Basic	$	0.01		$	0.12		$	0.01		$	0.43
Diluted		0.01			0.12		$	0.01		$	0.43
Per share loss available to common shareholders
Basic	$	(0.11	)	$	(0.10	)	$	(0.22	)	$	(0.59	)
Diluted		(0.11	)		(0.10	)	$	(0.22	)	$	(0.59	)