Net (Loss) Income Per Share

6 Months Ended

Sep. 30, 2023

In 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 and performance 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 the diluted weighted average shares outstanding.

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


	Three Months Ended September 30,				Six Months Ended September 30,
	2023		2022		2023		2022
Net (loss) income (numerator):
Net (loss) income	$	(70)	$	2,579	$	(957)	$	5,354

Shares (denominator):
Weighted average number of common shares outstanding used in basic computation	20,382,979		20,261,114		20,357,752		20,234,904
Common shares issuable upon vesting of restricted stock	–		72,741		–		72,493
Common shares issuable upon conversion of preferred shares	–		10,125		–		10,125
Shares used in diluted computation	20,382,979		20,343,980		20,357,752		20,317,522

Net (loss) income per common share:

Basic	$	(0.00)	$	0.13	$	(0.05)	$	0.26
Diluted	$	(0.00)	$	0.13	$	(0.05)	$	0.26

For the quarter ended September 30, 2023 and 2022, 387,357 and 261,228 shares issuable upon vesting of restricted stock and 10,125 and zero shares issuable upon conversion of preferred shares, respectively, were excluded from the computation of diluted net (loss) income per common share, as their inclusion would have had an anti-dilutive effect on diluted net (loss) income per common share. For the six months ended September 30, 2023 and 2022, 402,872 and 261,228 shares issuable upon vesting of restricted stock and 10,125 and zero shares issuable upon conversion of preferred shares, respectively, were excluded from the computation of diluted net (loss) income per common share, as their inclusion would have had an anti-dilutive effect on diluted net (loss) income per common share.