NET INCOME (LOSS) PER COMMON SHARE

6 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER COMMON SHARE

NOTE 12 — NET INCOME (LOSS) PER COMMON SHARE

For the six months ended September 30, 2020, 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. Basic and Diluted net income (loss) per common share was calculated based upon the following:

	For the Three Months Ended September 30,				For the Six Months Ended September 30,
	2020		2019		2020			2019
Numerator:
Net income (loss) (in thousands)	$	1,914	$	6,721	$	(305	)	$	10,689
Denominator:
Weighted-average common shares outstanding		30,669,272		30,189,067		30,511,611			29,957,541
Weighted-average common shares and common share    equivalents outstanding		31,170,139		30,830,381		30,511,611			30,757,863
Net income (loss) per common share:
Basic	$	0.06	$	0.22	$	(0.01	)	$	0.36
Diluted	$	0.06	$	0.22	$	(0.01	)	$	0.35

Orion uses the treasury stock method to calculate the effect of outstanding dilutive equity incentive instruments, which requires Orion to compute total proceeds as the sum of the amount the employee must pay upon exercise of the award and the amount of unearned stock-based compensation costs attributable to future services. Equity incentive instruments for which the total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on net income per common share during periods with net income, and accordingly, Orion excludes them from the calculation. Due to the net loss incurred during the six months ended September 30, 2020, the assumed exercise of all equity incentive instruments was anti-dilutive and, therefore, was not included in the diluted loss per common share calculation for those periods.