NET INCOME (LOSS) PER COMMON SHARE

12 Months Ended

Mar. 31, 2023

NOTE 11 — NET (LOSS) INCOME PER COMMON SHARE

Basic net (loss) income per common share is computed by dividing net (loss) income attributable to common shareholders by the weighted-average number of common shares outstanding for the period and does not consider common stock equivalents.

Diluted net (loss) income per common share reflects the dilution that would occur if stock options were exercised and restricted shares vested. In the computation of diluted net (loss) income per common share, Orion uses the treasury stock method for outstanding options and restricted shares. Net (loss) income per common share is calculated based upon the following shares:


	Fiscal Year Ended March 31,
	2023			2022		2021
Numerator:
Net (loss) income (dollars in thousands)	$	(34,341	)	$	6,091	$	26,134
Denominator:
Weighted-average common shares outstanding		31,703,712			31,018,356		30,634,553
Weighted-average effect of assumed conversion of stock options and restricted stock		—			276,217		669,174
Weighted-average common shares and share equivalents outstanding		31,703,712			31,294,573		31,303,727
Net (loss) income per common share:
Basic	$	(1.08	)	$	0.20	$	0.85
Diluted	$	(1.08	)	$	0.19	$	0.83

The following table indicates the number of potentially dilutive securities excluded from the calculation of Diluted net (loss) income per common share because their inclusion would have been anti-dilutive. The number of shares is as of the end of each period:


	March 31,
	2023		2022		2021
Common stock options		—		—		—
Restricted shares		—		17,803		—
Total		—		17,803		—