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EARNINGS PER SHARE
 9 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE ("EPS")

The Company had a total of 18,624,431 shares of common stock issued and outstanding as of December 31, 2016, out of an authorized total of 50,000,000 shares. The diluted calculation considers a total of 20,828,253 and 20,503,747 shares for the three month periods ended December 31, 2016 and 2015 respectively and 20,764,783 and 20,396,276 shares for the nine month periods ended December 31, 2016 and 2015, respectively. The calculations for the three and nine month periods ended December 31, 2016 are anti-dilutive, therefore the basic and diluted weighted average shares outstanding are 18,445,350 and 18,381,880, respectively. The convertible preferred shares outstanding as of December 31, 2016 convert to an aggregate of 2,382,903 common shares based on a conversion price of $6.20 per share.

 
 
Three months ended December 31, 2016
 
Three months ended December 31, 2015
 
Nine months ended December 31, 2016
 
Nine months ended December 31, 2015
Numerator:
 
 
 
 
 
 
 
 
Net income (loss) before preferred dividends
 
$
(189
)
 
$
(3,847
)
 
$
225

 
$
10,951

Preferred stock dividends
 
(426
)
 
(351
)
 
(1,207
)
 
(1,000
)
Net (loss) income applicable to common stockholders
 
$
(615
)
 
$
(4,198
)
 
$
(982
)
 
$
9,951

Denominator:
 
 
 
 
 
 
 
 
Weighted average common shares for basic EPS
 
18,445,350

 
18,091,973

 
18,381,880

 
17,984,502

Effect of dilutive securities:
 
 
 
 
 
 
 
 
Average price during period
 
0.85

 
2.07

 
0.93

 
2.71

Long term incentive stock option plan
 
226,752

 
476,451

 
278,286

 
478,674

Average exercise price of stock options
 
2.97

 
5.66

 
2.97

 
5.66

Shares that could be acquired with the proceeds of options
 
—

 
—

 
—

 
—

Dilutive shares due to options
 
—

 
—

 
—

 
—

Restricted Stock Units (RSU)-unvested
 
10,586

 
19,491

 
10,586

 
19,491

Average grant date fair value of unvested RSU
 
5.99

 
5.99

 
5.99

 
5.99

Shares that could be acquired with the proceeds of RSU
 
—

 
—

 
—

 
—

Dilutive shares due to RSU
 
—

 
—

 
—

 
—

Incremental shares due to unvested restricted shares
 
—

 
—

 
—

 
—

Weighted average convertible preferred shares at $6.20
 
2,382,903

 
2,411,774

 
2,382,903

 
2,411,774

Weighted average common shares for diluted EPS
 
18,445,350

 
18,091,973

 
18,381,880

 
20,396,276

Basic EPS
 
$
(0.03
)
 
$
(0.23
)
 
$
(0.05
)
 
$
0.55

Diluted EPS
 
$
(0.03
)
 
$
(0.23
)
 
$
(0.05
)
 
$
0.54