Net Income/(Loss) per Common Share

12 Months Ended

Mar. 31, 2023

Basic net income/(loss) per common share is computed by dividing net income/(loss) by the weighted average number of common shares outstanding during each period. Diluted net income/(loss) per common share is computed by dividing net income/(loss) by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which includes options and both restricted and performance stock units, is computed using the treasury stock method. With regard to the performance stock units, we assume that the associated performance targets will be met at the target level of performance for purposes of calculating diluted net income per common share until such time that it is probable that the performance target will not be met.

The reconciliations of the denominators used to calculate basic net income/(loss) per common share and diluted net income/(loss) per common share for fiscal 2023, 2022, and 2021, respectively, is as follows:


	Year Ended March 31, 2023		Year Ended March 31, 2022		Year Ended March 31, 2021
Basic net income/(loss) per common share
Net income/(loss)	$	33,666	$	20,092	$	877
Weighted-average common shares outstanding	33,468,632		33,308,045		33,134,592
Basic net income/(loss) per common share	$	1.01	$	0.60	$	0.03


	Year Ended March 31, 2023		Year Ended March 31, 2022		Year Ended March 31, 2021
Diluted net income/(loss) per common share
Net income/(loss)	$	33,666	$	20,092	$	877
Weighted-average common shares outstanding	33,468,632		33,308,045		33,134,592
Common share equivalents:
Stock options issued	7,512		2,231		27,306
Restricted and performance stock units issued	269,792		204,285		179,056
Weighted average shares outstanding – dilutive	33,745,936		33,514,561		33,340,954
Diluted net income/(loss) per common share	$	1.00	$	0.60	$	0.03

For the year ended March 31, 2023, 2022, and 2021, 53,911, 110,923 and 85,322 equity awards, respectively, were not included in the calculation of diluted net income/(loss) per common share since they would have had an anti-dilutive effect.