Note 9 - Net Income Per Share

12 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

(9)         Net Income Per Share

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 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 income per share computations for the periods presented (in thousands, except for per share amounts):

	Year Ended March 31,
	2022		2021		2020
Net income (numerator):
Net income	$	21,100	$	30,603	$	25,851
Shares (denominator)
Weighted average number of common shares outstanding used in basic computation		20,176		20,060		20,041
Common shares issuable upon the vesting of restricted stock		172		49		4
Common shares issuable upon conversion of preferred shares		10		10		10
Shares used in diluted computation		20,358		20,119		20,055
Net income per common share:
Basic	$	1.05	$	1.53	$	1.29
Diluted	$	1.04	$	1.52	$	1.29

At March 31, 2022, 2021, and 2020, 220,727, 20,952, and 72,120 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 income per common share.