Note 3 - Net Income Per Share

6 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 3:   Net Income Per Share

In accordance with the provisions of Accounting Standards Codification (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 the 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):

	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Net income (numerator):
Net income	$	6,349	$	8,412	$	10,777	$	16,180
Shares (denominator):
Weighted average number of common shares outstanding used in basic computation		20,178		20,063		20,144		20,024
Common shares issuable upon vesting of restricted stock		380		81		230		64
Common shares issuable upon conversion of preferred shares		10		10		10		10
Shares used in diluted computation		20,568		20,154		20,384		20,098
Net income per common share:
Basic	$	0.31	$	0.42	$	0.53	$	0.81
Diluted	$	0.31	$	0.42	$	0.53	$	0.81

For the three and six months ended September 30, 2021, 115,219 shares of common restricted stock 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. For the three and six months ended September 30, 2020, 25,136 shares of common restricted stock 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.