NET LOSS PER COMMON SHARE

9 Months Ended

Dec. 31, 2023

NOTE 11 — NET LOSS PER COMMON SHARE

Basic net loss per common share is computed by dividing net 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 per common share reflects the dilution that would occur if stock options were exercised and restricted shares vested. In the computation of diluted net income per common share, Orion uses the treasury stock method for outstanding options and restricted shares. For the three and nine months ended December 31, 2023 and 2022, Orion was in a net loss position; therefore, the Basic and Diluted weighted-average shares outstanding are equal because any increase to the basic shares would be anti-dilutive. Net (loss) income per common share is calculated based upon the following shares:


	For the Three Months Ended December 31,						For the Nine Months Ended December 31,
	2023			2022			2023			2022
Numerator:
Net loss (in thousands)	$	(2,256	)	$	(24,059	)	$	(13,281	)	$	(29,225	)
Denominator:
Weighted-average common shares outstanding		32,531,563			32,047,755			32,460,398			31,510,547
Weighted-average common shares and common share equivalents outstanding		32,531,563			32,047,755			32,460,398			31,510,547
Net loss per common share:
Basic	$	(0.07	)	$	(0.75	)	$	(0.41	)	$	(0.93	)
Diluted	$	(0.07	)	$	(0.75	)	$	(0.41	)	$	(0.93	)

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


	For the Three Months Ended December 31,				For the Nine Months Ended December 31,
	2023		2022		2023		2022
Common stock options		—		85,136		—		85,136
Time-Based Restricted shares		881,870		519,785		881,870		519,785
Performance-Based Restricted shares		708,377		178,669		708,377		178,669
Total		1,590,247		783,590		1,590,247		783,590