EARNINGS PER SHARE ("EPS")

6 Months Ended

Sep. 30, 2017

EARNINGS (LOSS) PER SHARE ("EPS")

The Company had a total of 18,633,149 shares of common stock issued and outstanding as of September 30, 2017, out of an authorized total of 50,000,000 shares. The diluted calculation considers a total of 20,941,863 and 20,762,468 shares for the three month periods ended September 30, 2017 and 2016, respectively and 20,926,182 and 20,732,873 shares for the six month periods ended September 30, 2017 and 2016, respectively . The calculations for the three month periods ended September 30, 2017 is anti-dilutive, therefore the basic and diluted weighted average shares outstanding are 18,558,960. The calculation for six month periods ended September 30, 2017 and September 30, 2016 are also anti-dilutive, therefore the basic and diluted weighted average shares outstanding are 18,543,279 and 18,349,970 respectively for the six month periods. The convertible preferred shares outstanding as of September 30, 2017 and September 30, 2016 convert to an aggregate of 2,382,903 common shares based on a conversion price of $6.20 per share.



	Three months ended September 30, 2017			Three months ended September 30, 2016			Six months ended September 30, 2017			Six months ended September 30, 2016
Numerator:
Net income (loss) before preferred dividends	$	1,784		$	2,996		$	(3,329	)	$	414
Preferred stock dividends	(482		)	(395		)	(952		)	(781		)
Net income (loss) applicable to common stockholders	$	1,302		$	2,601		$	(4,281	)	$	(367	)
Denominator:
Weighted average common shares for basic EPS	18,558,960			18,379,565			18,543,279			18,349,970
Effect of dilutive securities:
Average price during period	0.29			0.94			0.44			0.96
Long term incentive stock option plan	341,752			246,007			341,752			304,193
Average exercise price of stock options	2.98			3.85			2.98			3.85
Shares that could be acquired with the proceeds of options	—			—			—			—
Dilutive shares due to options	—			—			—			—
Restricted Stock Units (RSU)-unvested	—			10,586			—			10,586
Average grant date fair value of unvested RSU	—			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			2,382,903			2,382,903			2,382,903
Weighted average common shares for diluted EPS	18,558,960			20,762,468			18,543,279			18,349,970
Basic EPS	$	0.07		$	0.14		$	(0.23	)	$	(0.02	)
Diluted EPS	$	0.07		$	0.14		$	(0.23	)	$	(0.02	)