LOSS PER SHARE AND STOCKHOLDERS’ EQUITY

9 Months Ended

Dec. 31, 2022

EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS' EQUITY

LOSS PER SHARE AND STOCKHOLDERS’ EQUITY

LOSS PER SHARE AND STOCKHOLDERS’ EQUITY:

Loss Per Share

A reconciliation of the numerator and denominator of basic and diluted loss per share is shown below (in thousands, except per share amounts):

 

	For the three months ended				For the nine months ended
	December 31,				December 31,
	2022		2021		2022		2021
Basic earnings (loss) per share:
Net loss from continuing operations	$	(30,520)	$	(15,375)	$	(88,174)	$	(4,441)
Earnings from discontinued operations, net of tax	836		—		836		—
Net loss	$	(29,684)	$	(15,375)	$	(87,338)	$	(4,441)
Basic weighted-average shares outstanding	64,784		68,190		66,761		68,187
Continuing operations	$	(0.47)	$	(0.23)	$	(1.32)	$	(0.07)
Discontinued operations	0.01		—		0.01		—
Basic loss per share	$	(0.46)	$	(0.23)	$	(1.31)	$	(0.07)
Diluted earnings (loss) per share:
Basic weighted-average shares outstanding	64,784		68,190		66,761		68,187
Dilutive effect of common stock options and restricted stock as computed under the treasury stock method (1)	—		—		—		—
Diluted weighted-average shares outstanding	64,784		68,190		66,761		68,187
Continuing operations	$	(0.47)	$	(0.23)	$	(1.32)	$	(0.07)
Discontinued operations	0.01		—		0.01		—
Diluted loss per share	$	(0.46)	$	(0.23)	$	(1.31)	$	(0.07)
Loss per share totals may not sum due to rounding.

(1) The number of common stock options and restricted stock units as computed under the treasury stock method that would have otherwise been dilutive but are excluded from the table above because their effect would have been anti-dilutive due to the net loss position of the Company was 0.5 million and 1.7 million in the three months ended December 31, 2022 and 2021, respectively, and 0.6 million and 1.4 million in the nine months ended December 31, 2022 and 2021, respectively.

Restricted stock units that were outstanding during the periods presented but were not included in the computation of diluted earnings (loss) per share because their effect would have been anti-dilutive (other than due to the net loss position of the Company) are shown below (shares in thousands):

 

	For the three months ended		For the nine months ended
	December 31,		December 31,
	2022	2021	2022	2021
Number of shares underlying restricted stock units	6,215	484	2,980	787

Stockholders’ Equity

On December 20, 2022, the Company's Board of Directors approved an amendment to the existing common stock repurchase program, which was initially adopted in 2011. The amendment authorized an additional $100.0 million in share repurchases, increasing the total amount authorized for repurchase under the common stock repurchase program to $1.1 billion. In addition, it extended the common stock repurchase program duration through December 31, 2024.

During the nine months ended December 31, 2022, the Company repurchased 6.1 million shares of its common stock for $150.0 million under the modified common stock repurchase program.  Through December 31, 2022, the Company had repurchased a total of 35.6 million shares of its stock for $882.2 million under the program, leaving remaining capacity of $217.8 million.

Accumulated other comprehensive income balances of $4.2 million and $5.7 million at December 31, 2022 and March 31, 2022, respectively, reflect accumulated foreign currency translation adjustments.