Basic earnings per share (“EPS”) is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares outstanding during the period, without considering any dilutive items. Nonvested shares of restricted stock are included in the computation of basic EPS because the holder has voting rights and shares in non-forfeitable dividends during the vesting period. Diluted EPS is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the Company’s common

stock during the period. Common stock equivalents arise from the assumed exercise of outstanding stock options. For the years ended March 31, 2023, 2022 and 2021, there were no stock options excluded in computing diluted EPS.

The following table presents a reconciliation of the components used to compute basic and diluted EPS for the years indicated:


	Year Ended March 31,
(Dollars and share data in thousands, except per share data)	2023		2022		2021
Basic EPS computation:
Numerator-net income	$	18,069	$	21,820	$	10,472
Denominator-weighted average common shares outstanding		21,638		22,213		22,296
Basic EPS	$	0.84	$	0.98	$	0.47
Diluted EPS computation:
Numerator-net income	$	18,069	$	21,820	$	10,472
Denominator-weighted average common shares outstanding		21,638		22,213		22,296
Effect of dilutive stock options		8		12		17
Weighted average common shares and common stock equivalents		21,646		22,225		22,313
Diluted EPS	$	0.83	$	0.98	$	0.47

On March 9, 2022, the Company announced that its Board of Directors authorized a stock repurchase program (the “March 2022 repurchase program”). Under the March 2022 repurchase program, the Company was authorized to repurchase up to $5.0 million of the Company’s outstanding shares of common stock, in the open market, based on prevailing market prices, or in private negotiated transactions, over a period beginning on March 21, 2022 and continuing until the earlier of the completion of the stock repurchase program or September 9, 2022. The Company completed the March 2022 repurchase program on September 8, 2022, repurchasing 718,734 shares at an average price of $6.96 per share and at a total cost of $5.0 million. All shares repurchased under the March 2022 program were retired as of September 30, 2022.

On November 17, 2022, the Company announced that its Board of Directors authorized a stock repurchase programs (the “November 2022 repurchase program”). Under the November 2022 repurchase program, the Company was authorized to repurchase up to $2.5 million of the Company’s outstanding shares of common stock, in the open market or in privately negotiated transactions, over a period beginning on November 28, 2022 and continuing until the earlier of the completion of the authorized level of repurchases or May 28, 2023, depending upon market conditions. As of March 31, 2023, the Company had repurchased 285,172 shares at an average price of $6.74 per share and at a total cost of $1.9 million. Shares repurchased under the November 2022 repurchase program are retired as settled.