NET (LOSS) INCOME PER COMMON SHARE

3 Months Ended

Jun. 30, 2022

NOTE 12 — NET (LOSS) INCOME PER COMMON SHARE

Basic net income 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 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 income per common share, Orion uses the treasury stock method for outstanding options and restricted shares. For the three months ended June 30, 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 income per common share is calculated based upon the following shares:

	For the Three Months Ended June 30,
	2022			2021
Numerator:
Net (loss) income (in thousands)	$	(2,835	)	$	2,510
Denominator:
Weighted-average common shares outstanding		31,138,398			30,860,178
Weighted-average common shares and common share equivalents outstanding		31,138,398			31,289,924
Net (loss) income per common share:
Basic	$	(0.09	)	$	0.08
Diluted	$	(0.09	)	$	0.08

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 June 30,
	2022		2021
Common stock options		—		—
Restricted shares		—		26,205
Total		—		26,205