Net (Loss) Income Per Share

3 Months Ended

Jun. 30, 2025

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 June 30,
	2025		2024
Net (loss) income (numerator):
Net (loss) income	$	(34,152)	$	3,754

Shares (denominator):
Weighted average number of common shares outstanding used in basic computation	20,755,416		20,513,281
Common shares issuable upon vesting of restricted stock	—		418,099
Common shares issuable upon conversion of preferred shares	—		10,125
Weighted average number of common shares outstanding used in diluted computation	20,755,416		20,941,505

Net (loss) income per common share:

Basic	$	(1.65)	$	0.18
Diluted	$	(1.65)	$	0.18

For the three months ended June 30, 2025 and 2024, 1,174,595 and zero 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.