NET LOSS PER COMMON SHARE

9 Months Ended

Dec. 31, 2024

NOTE 11 — NET LOSS PER COMMON SHARE

Basic net loss per common share is computed by dividing net loss 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 restricted shares were vested. In the computation of diluted net loss per common share, Orion uses the treasury stock method for outstanding options and restricted shares. For the three and nine months ended December 31, 2024 and 2023, 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 per common share is calculated based upon the following shares:


	For the Three Months Ended December 31,						For the Nine Months Ended December 31,
	2024			2023			2024			2023
Numerator:
Net loss (in thousands)	$	(1,508	)	$	(2,256	)	$	(8,890	)	$	(13,281	)
Denominator:
Weighted-average common shares outstanding		32,923,321			32,531,563			32,787,107			32,460,398
Weighted-average common shares and common share equivalents outstanding		32,923,321			32,531,563			32,787,107			32,460,398
Net loss per common share:
Basic	$	(0.05	)	$	(0.07	)	$	(0.27	)	$	(0.41	)
Diluted	$	(0.05	)	$	(0.07	)	$	(0.27	)	$	(0.41	)

The following table indicates the number of potentially dilutive securities excluded from the calculation of Diluted net loss 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,
	2024		2023		2024		2023
Time-Based Restricted shares		1,329,556		881,870		1,329,556		881,870
Performance-Based Restricted shares		1,529,936		708,377		1,529,936		708,377
Total		2,859,492		1,590,247		2,859,492		1,590,247