Net Income Per Share

12 Months Ended

Mar. 31, 2023

Net Income Per ShareIn accordance with the provisions of ASC Topic 260 (“Earnings Per Share”) basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per common share includes the dilutive effect of potential restricted stock and the effects of the potential conversion of preferred shares, calculated using the

treasury stock method. Unvested restricted stock, and convertible preferred shares issued by the Company represent the only dilutive effect reflected in diluted weighted average shares outstanding.

The following is a reconciliation of the numerators and denominators of the basic and diluted net income per share computations for the periods presented (in thousands, except for per share amounts):


	Year Ended March 31,
	2023		2022		2021
Net income (numerator):

Net income	$	233	$	21,100	$	30,603

Shares (denominator)

Weighted average number of common shares outstanding used in basic computation	20,275		20,176		20,060
Common shares issuable upon the vesting of restricted stock	54		172		49
Common shares issuable upon conversion of preferred shares	10		10		10
Shares used in diluted computation	20,339		20,358		20,119

Net income per common share:

Basic	$	0.01	$	1.05	$	1.53
Diluted	$	0.01	$	1.04	$	1.52

At March 31, 2023, 2022, and 2021, 745,854, 220,727, and 20,952 shares of common restricted stock, respectively, were excluded from the computations of diluted net income per common share, as their inclusion would have had an anti-dilutive effect on diluted net income per common share.