The Company calculates earnings per share in accordance with ASC Topic 260, “Earnings per Share.” Basic earnings per share exclude any dilutive effects of options, warrants, and convertible securities. Diluted earnings per share include any dilutive effects of stock options, unvested restricted stock units, unvested performance shares, and unvested restricted stock. Stock options, restricted stock units, and performance shares with respect to 1,756,000 common shares for the fiscal year ended March 31, 2025 were not included in the computation of diluted income per share because they were antidilutive as a result of the Company's net loss. The net loss was the result of the Company's U.S. pension plan termination, plant consolidation activities, and Kito acquisition related expenses. Refer to Notes 3 and 13 for additional information regarding these transactions.

Stock options and performance shares with respect to 479,000 common shares were not included in the computation of diluted earnings per share for fiscal 2024 because they were antidilutive. An additional 165,000 in contingently issuable shares were not included in the computation of diluted earnings per share in Fiscal 2024 because a performance condition had not yet been met.


	Year Ended March 31,
Numerator for basic and diluted earnings per share:	2025		2024		2023

Net income (loss)	$	(5,138)	$	46,625	$	48,429

Denominators:
Weighted-average common stock outstanding— denominator for basic EPS	28,738		28,728		28,600
Effect of dilutive employee stock options, RSU's and performance shares	—		298		218

Adjusted weighted-average common stock outstanding and assumed conversions— denominator for diluted EPS	28,738		29,026		28,818

The Company records stock-based compensation in accordance with ASC Topic 718, “Compensation – Stock Compensation,” applying the modified prospective method. This Statement requires all equity-based payments to employees, including grants of employee stock options, to be recognized in the statement of earnings based on the grant date fair value of the award. Under the modified prospective method, the Company is required to record equity-based compensation expense for all awards granted after the date of adoption and for the unvested portion of previously granted awards outstanding as of the date of adoption.

The Company grants share based compensation to eligible participants under the 2016 Long Term Incentive Plan, as Amended and Restated in June 2019 ("2016 LTIP"). The total number of shares of common stock with respect to which awards may be

granted under the 2016 LTIP were increased by 2,500,000 as a result of the June 2019 amendment. In July of fiscal 2025, the 2016 LTIP was amended and restated a second time, which increased the total number of shares of common stock that may be granted under the 2016 LTIP by an additional 2,800,000 shares. Shares not previously authorized for issuance under any of the prior stock plans, and shares not issued or subject to outstanding awards under the prior stock plans are still available for issuance. Details of the shares granted under these plans are discussed below.

Stock based compensation expense was $6,256,000, $12,039,000, and $10,425,000 for fiscal 2025, 2024, and 2023, respectively. Stock compensation expense is included in cost of products sold, selling, general and administrative, and research and development expenses depending on the nature of the service of the employee receiving the award. The Company recognizes expense for all share–based awards over the service period, which is the shorter of the period until the employees’ retirement eligibility dates or the service period for the award, for awards expected to vest. Accordingly, expense is generally reduced for estimated forfeitures. ASC Topic 718 requires forfeitures to be estimated at the time of grant and revised if necessary, in subsequent periods if actual forfeitures differ from those estimates.

The Company recognized compensation expense for stock option awards and unvested restricted share awards that vest based on time or market parameters straight-line over the requisite service period for vesting of the award.

Under the 2016 LTIP, the total number of shares of common stock with respect to which awards may be granted under the plan has increased to 5,300,000 in fiscal 2025 as a result of the fiscal 2025 amendment described above. As of March 31, 2025, 2,562,000 shares remain available for future grants. The 2016 LTIP was designed as an omnibus plan and awards may consist of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, or stock bonuses.

Under the 2016 LTIP, the granting of awards to employees may take the form of options, restricted shares, and performance shares. The Compensation Committee of our Board of Directors determines the number of shares, the term, the frequency and date, the type, the exercise periods, any performance criteria pursuant to which awards may be granted, and the restriction and other terms and conditions of each grant in accordance with terms of the Plan.

In connection with the acquisition of Magnetek, the Company agreed to continue the 2014 Stock Incentive Plan of Magnetek, Inc. (the "Magnetek Stock Plan"). In doing so, the Company has available under the Magnetek Stock Plan 164,461 of the Company's shares which can be granted to certain employees as stock-based compensation.

Options outstanding under the 2016 LTIP generally become exercisable over a 3-year period at a rate of 33% per year commencing one year from the date of grant and have an exercise price of not less than 100% of the fair market value of the common stock on the date of grant.


	Shares	Weighted- average Exercise Price per share		Weighted- average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at April 1, 2022	679,785	$	33.82	7.08	$	15,294
Granted	394,586	34.91
Exercised	(32,158)	22.15
Cancelled	(67,042)	35.32
Outstanding at March 31, 2023	975,171	$	34.54	7.13	$	5,497
Granted	298,674	36.19
Exercised	(62,060)	25.73
Cancelled	(17,945)	37.49
Outstanding at March 31, 2024	1,193,840	$	35.37	6.93	$	12,392
Granted	188,089	45.34
Exercised	(12,648)	29.44
Cancelled	(115,655)	41.26
Outstanding at March 31, 2025	1,253,626	36.38		5.99	$	80
Exercisable at March 31, 2025	802,964	$	37.51	4.91	$	80

The Company calculated intrinsic value for those options that had an exercise price lower than the market price of our common shares as of March 31, 2025. The aggregate intrinsic value of outstanding options as of March 31, 2025 is calculated as the difference between the exercise price of the underlying options and the market price of our common shares for the 51,957 options that were in-the-money at that date. The aggregate intrinsic value of exercisable options as of March 31, 2025 is calculated as the difference between the exercise price of the underlying options and the market price of our common shares for the 51,957 exercisable options that were in-the-money at that date. The Company's closing stock price was $16.70 as of March 31, 2025. The total intrinsic value of stock options exercised was $120,000, $870,000, and $360,000 during fiscal 2025, 2024, and 2023, respectively.


	Stock Options Outstanding	Weighted-average Exercise Price		Weighted-average Remaining Contractual Life
Range of Exercise Prices

$10.01 to 20.00	51,957	$	15.16	1.15
$20.01 to 30.00	148,747	$	25.15	3.38
$30.01 to $40.00	737,078	$	34.66	6.27
$40.01 to $50.00	178,645	$	45.48	8.71
$50.01 to $60.00	137,199	$	54.26	5.59
	1,253,626	$	36.38	5.99


Range of Exercise Prices	Stock Options Exercisable	Weighted- average Exercise Price per share

$10.01 to 20.00	51,957	$	15.16
$20.01 to 30.00	148,747	25.15
$30.01 to $40.00	459,600	34.33
$40.01 to $50.00	6,365	49.36
$50.01 to $60.00	136,295	54.26
	802,964	$	37.51

The fair value of stock options granted was estimated on the date of grant using a Black-Scholes option pricing model. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of subjective assumptions including the expected stock price volatility. Because the Company’s employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options. The weighted-average grant date fair value of the options was $17.13, $12.97, and $11.13 for options granted during fiscal 2025, 2024, and 2023, respectively. The following table provides the weighted-average assumptions used to value stock options granted during fiscal 2025, 2024, and 2023:


	Year Ended March 31, 2025		Year Ended March 31, 2024		Year Ended March 31, 2023
Assumptions:
Risk-free interest rate	4.76	%	4.28	%	2.53	%
Dividend yield	0.62	%	0.77	%	0.81	%
Volatility factor	0.342		0.336		0.330
Expected life	5.5 years		5.5 years		5.5 years

To determine expected volatility, the Company uses historical volatility based on daily closing prices of its Common Stock over periods that correlate with the expected terms of the options granted. The risk-free rate is based on the United States Treasury yield curve at the time of grant for the appropriate term of the options granted. Expected dividends are based on the Company's history and expectation of dividend payouts. The expected term of stock options is based on vesting schedules, expected exercise patterns and contractual terms.

The Company granted restricted stock units under the 2016 LTIP during fiscal 2025, 2024, and 2023 to employees as well as to the Company’s non-executive directors as part of their annual compensation. For fiscal 2023, 2024, and 2025 restricted stock units for employees vest ratably based on service one-third after each of years one, two, and three.


	Shares	Weighted-average Grant Date Fair Value per share
Unvested at April 1, 2022	244,736	$	39.86
Granted	161,582	31.61
Vested	(132,953)	35.44
Forfeited	(26,140)	38.15
Unvested at March 31, 2023	247,225	$	37.02
Granted	159,816	37.57
Vested	(145,862)	39.21
Forfeited	(10,267)	41.61
Unvested at March 31, 2024	250,912	$	35.91
Granted	136,870	39.71
Vested	(127,514)	38.60
Forfeited	(12,632)	40.56
Unvested at March 31, 2025	247,636	$	36.38

Total unrecognized compensation cost related to unvested restricted stock units as of March 31, 2025 is $3,356,000 and is expected to be recognized over a weighted average period of 1.8 years. The fair value of restricted stock units that vested during the year ended March 31, 2025 and 2024 was $4,922,000 and $5,720,000, respectively.

The Company granted performance shares under the 2016 LTIP during fiscal 2025, 2024, and 2023. Performance based shares are recognized as compensation expense based upon their grant date fair value and to the extent it is probable that the performance conditions will be met. This expense is recognized ratably over the 3-year period that these shares are restricted.

Fiscal 2023 performance shares issued are granted pursuant to a performance condition based upon the Company’s Consolidated Return on Invested Capital ("ROIC") for the twelve months ended March 31, 2025. During fiscal 2025, the Company determined that the performance condition on its fiscal 2023 performance shares would not be fully met. The Company has adjusted its stock-based compensation expense accordingly in fiscal 2025. Fiscal 2024 performance shares issued are granted pursuant to a performance condition based upon the Company’s Consolidated ROIC for the twelve months ended March 31, 2026. At this time, the Company believes the March 31, 2026 performance condition will not be fully met and has adjusted compensation expense accordingly. Fiscal 2025 performance shares issued are granted pursuant to a performance condition based upon the Company’s revenue and EBITDA margin growth rates in fiscal 2025, 2026, and 2027. At this time, the Company believes the fiscal 2025 portion of the performance condition will not be met and has adjusted compensation expense accordingly.


	Shares	Weighted-average Grant Date Fair Value per share
Unvested at April 1, 2022	138,032	$	35.35
Granted	67,606	33.03

Forfeited	(26,633)	35.26
Unvested at March 31, 2023	179,005	$	34.49
Granted	73,453	36.58
Vested	(39,720)	35.95
Forfeited	(33,838)	28.66
Unvested at March 31, 2024	178,900	$	36.13
Granted	123,401	37.44
Vested	(19,960)	53.56
Forfeited	(27,485)	50.02
Unvested at March 31, 2025	254,856	$	33.90

During fiscal 2025, 2024, and 2023, a total of 28,112, 28,512, and 41,313 shares of stock, respectively, were granted under the 2016 LTIP to the Company’s non-executive directors as part of their annual compensation. The weighted average fair value grant price of those shares was $37.61, $41.17, and $28.91 for fiscal 2025, 2024, and 2023, respectively. The expense related to the shares was $1,057,000, $1,174,000 and $1,194,000 for fiscal 2025, 2024 and 2023, respectively.

On March 24, 2025, the Company's Board of Directors approved payment of a quarterly dividend of $0.07 per common share, representing an annual dividend rate of $0.28 per share. The dividend was paid on May 12, 2025, to shareholders of record on May 2, 2025 and totaled approximately $2,003,000.

On March 26, 2019, the Board of Directors approved a new stock repurchase program authorizing the repurchase of up to $20 million of the Company's common stock. The Company repurchased 31,000 shares of its common stock at an aggregate cost of $1,010,000 in accordance with this plan during the fiscal year ended March 31, 2023. In fiscal 2025, the Company repurchased an additional 293,000 shares of its common stock at an aggregate cost of $9,945,000 in accordance with this plan. The value of the shares purchased are reflected as Treasury stock on the Company's Consolidated Balance Sheets as of March 31, 2025.