Net (Loss) Income Per Share

12 Months Ended

Mar. 31, 2025

In accordance with the provisions of ASC Topic 260 (“Earnings Per Share”) basic net (loss) 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 (loss) 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 (loss) income per share computations for the periods presented (in thousands, except for per share amounts):


	Year Ended March 31,
	2025		2024		2023
Net (loss) income (numerator):

Net (loss) income	$	(6,271)	$	(7,464)	$	5,140

Shares (denominator)

Weighted average number of common shares outstanding used in basic computation	20,596,022		20,395,959		20,274,786
Common shares issuable upon the vesting of restricted stock	—		—		54,091
Common shares issuable upon conversion of preferred shares	—		—		10,125
Shares used in diluted computation	20,596,022		20,395,959		20,339,002

Net (loss) income per common share:

Basic	$	(0.30)	$	(0.37)	$	0.25
Diluted	$	(0.30)	$	(0.37)	$	0.25

At March 31, 2025, 2024, and 2023, 1,027,909, 827,863, and 745,854 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 loss)/net income per common share.