NET INCOME (LOSS) PER COMMON SHARE

12 Months Ended

Mar. 31, 2022

NOTE 12 — NET INCOME (LOSS) PER COMMON SHARE

Basic net income (loss) per common share is computed by dividing net income (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 income (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 (loss) per common share, Orion uses the treasury stock method for outstanding options and restricted shares. Net income (loss) per common share is calculated based upon the following shares:

	Fiscal Year Ended March 31,
	2022		2021		2020
Numerator:
Net income (dollars in thousands)	$	6,091	$	26,134	$	12,462
Denominator:
Weighted-average common shares outstanding		31,018,356		30,634,553		30,104,552
Weighted-average effect of assumed conversion of stock options and restricted stock		276,217		669,174		860,225
Weighted-average common shares and share equivalents outstanding		31,294,573		31,303,727		30,964,777
Net income per common share:
Basic	$	0.20	$	0.85	$	0.41
Diluted	$	0.19	$	0.83	$	0.40

The following table indicates the number of potentially dilutive securities excluded from the calculation of Diluted net income (loss) 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,
	2022		2021		2020
Common stock options		—		—		164,072
Restricted shares		17,803		—		—
Total		17,803		—		164,072