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Earnings (Loss) per Share
 12 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Earnings (Loss) per Share

14. EARNINGS (LOSS) PER SHARE

The calculation of basic earnings per share is based on (loss) income from continuing operations, income from discontinued operations, or net income (loss) divided by the weighted average number of common shares considered outstanding during the periods. The calculation of diluted earnings per share reflects the effect of all potentially dilutive securities (principally outstanding warrants and outstanding restricted stock units) and is based on (loss) income from continuing operations, income from discontinued operations, or net income (loss) divided by the diluted weighted average number of common shares considered outstanding during the periods. As disclosed in Note 2, the Warrants permitted the tendering of Designated Notes in payment of the exercise price. In computing diluted earnings per share, the Company applies the if-converted method to the warrants and such warrants are assumed to be exercised and the Designated Notes are assumed to be tendered unless tendering cash would be more advantageous to the warrant holder. Interest (net of tax) on any Designated Notes assumed to be tendered is added back as an adjustment to the (loss) income from continuing operations numerator as the warrants are transactions related to continuing operations. The (loss) income from continuing operations numerator is also adjusted for any nondiscretionary adjustments based on income (net of tax) including, for example, warrant remeasurement gains and losses recognized in the period. If cash exercise is more advantageous, the Company applies the treasury stock method to the warrants when calculating diluted earnings per share.

The following is a reconciliation between the weighted average outstanding shares used in the calculation of basic and diluted earnings per share:

 

 

 

Year ended March 31,

 

 

 

(in thousands)

 

 

 

2024

 

 

2023

 

 

2022

 

Numerator:

 

 

 

 

 

 

 

 

 

Numerator for basic earnings per share:

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations

 

$

(34,467

)

 

$

72,417

 

 

$

(50,377

)

 

 

 

 

 

 

 

 

 

 

Effect of Dilutive Securities:

 

 

 

 

 

 

 

 

 

Warrants

 

 

—

 

 

 

(3,626

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

Numerators for diluted (loss) earnings per share:

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations available to common stockholders after assumed conversions

 

$

(34,467

)

 

$

68,791

 

 

$

(50,377

)

Income from discontinued operations, net of tax expense

 

 

546,851

 

 

 

17,176

 

 

 

7,619

 

Net income (loss) available to common stockholders after assumed conversions

 

$

512,384

 

 

$

85,967

 

 

$

(42,758

)

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - basic

 

 

74,149

 

 

 

65,021

 

 

 

64,538

 

 

 

 

 

 

 

 

 

 

 

Effect of Dilutive Securities:

 

 

 

 

 

 

 

 

 

Warrants

 

 

—

 

 

 

6,371

 

 

 

—

 

Restricted stock units

 

 

—

 

 

 

329

 

 

 

—

 

Dilutive potential common shares

 

 

—

 

 

 

6,700

 

 

 

—

 

Denominator for basic (loss) earnings per share

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - diluted

 

 

74,149

 

 

 

71,721

 

 

 

64,538

 

 

 

 

 

 

 

 

 

 

 

(Loss) earnings per share:

 

 

 

 

 

 

 

 

 

Basic (loss) earnings per share - continuing operations

 

$

(0.46

)

 

$

1.12

 

 

$

(0.78

)

Basic earnings per share - discontinued operations

 

 

7.38

 

 

 

0.26

 

 

 

0.12

 

Basic earnings (loss) per share

 

$

6.92

 

 

$

1.38

 

 

$

(0.66

)

 

 

 

 

 

 

 

 

 

 

Diluted (loss) earnings per share - continuing operations

 

$

(0.46

)

 

$

0.96

 

 

$

(0.78

)

Diluted earnings per share - discontinued operations

 

 

7.38

 

 

 

0.24

 

 

 

0.12

 

Diluted earnings (loss) per share

 

$

6.92

 

 

$

1.20

 

 

$

(0.66

)

 

For the fiscal years ended March 31, 2024, 2023, and 2022, the shares that could potentially dilute earnings per share in the future but were not included in diluted weighted average common shares outstanding because to do so would have been anti-dilutive were immaterial.