Note 12 - Earnings Per Share

9 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

12. EARNINGS PER SHARE

Basic earnings per share is computed on the basis of the weighted average number of common shares outstanding. Diluted earnings per share is computed on the basis of the weighted average number of common shares outstanding plus the potentially dilutive effect of outstanding stock options using the treasury stock method.

Reconciliations between the numerator and the denominator of the basic and diluted income per share computations for the three and nine months ended December 31, 2021 and 2020 are as follows:

	Three Months Ended December 31, 2021
	Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount
	(in thousands)
Basic income per share	$	386		6,183	$	0.06
Effective dilutive securities – common stock options and restricted stock units		—		188		—
Diluted income per share	$	386		6,371	$	0.06

	Three Months Ended December 31, 2020
	Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount
	(in thousands)
Basic income per share	$	827		6,097	$	0.14
Effective dilutive securities – common stock options and restricted stock units		—		125		—
Diluted income per share	$	827		6,222	$	0.13

	Nine Months Ended December 31, 2021
	Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount
	(in thousands)
Basic income per share	$	1,877		6,144	$	0.31
Effective dilutive securities – common stock options and restricted stock units		—		75		—
Diluted income per share	$	1,877		6,219	$	0.30

	Nine Months Ended December 31, 2020
	Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount
	(in thousands)
Basic income per share	$	1,121		6,060	$	0.18
Effective dilutive securities – common stock options and restricted stock units		—		109		—
Diluted income per share	$	1,121		6,169	$	0.18

Restricted stock units become dilutive within the period granted and remain dilutive until the units vest and are issued as common stock.