Net (Loss) Income Per Share

9 Months Ended

Dec. 31, 2024

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 December 31,				Nine Months Ended December 31,
	2024		2023		2024		2023
Net (loss) income (numerator):
Net (loss) income	$	(707)	$	(2,027)	$	5,373	$	(2,448)

Shares (denominator):
Weighted average number of common shares outstanding used in basic computation	20,634,651		20,425,282		20,581,913		20,380,262
Common shares issuable upon vesting of restricted stock	—		—		395,222		—
Common shares issuable upon conversion of preferred shares	—		—		10,125		—
Shares used in diluted computation	20,634,651		20,425,282		20,987,260		20,380,262

Net (loss) income per common share:

Basic	$	(0.03)	$	(0.10)	$	0.26	$	(0.12)
Diluted	$	(0.03)	$	(0.10)	$	0.26	$	(0.12)

For the three months ended December 31, 2024 and 2023, 986,378 and 825,825 shares issuable upon vesting of restricted stock and 10,125 and 10,125 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 nine months ended December 31, 2024 and 2023, 519,852 and 837,084 shares issuable upon vesting of restricted stock and zero and 10,125 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.