Note 11 - Earnings Per Share

6 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

11. EARNINGS PER SHARE

Basic earnings (loss) per share is computed on the basis of the weighted average number of common shares outstanding. Diluted earnings (loss) 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 (loss) income per share computations for the three and six months ended September 30, 2022 and 2021 are as follows:

	Three Months Ended September 30, 2022
	Net Loss			Shares		Per Share
	(Numerator)			(Denominator)		Amount
	(in thousands)
Basic and diluted loss per share	$	(940	)		6,228	$	(0.15	)

	Three Months Ended September 30, 2021
	Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount
	(in thousands)
Basic income per share	$	970		6,130	$	0.16
Effective dilutive securities – common stock options and restricted stock units		—		9		—
Diluted income per share	$	970		6,139	$	0.16

	Six Months Ended September 30, 2022
	Net Loss			Shares		Per Share
	(Numerator)			(Denominator)		Amount
	(in thousands)
Basic and diluted loss per share	$	(1,412	)		6,216	$	(0.23	)

	Six Months Ended September 30, 2021
	Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount
	(in thousands)
Basic income per share	$	1,491		6,124	$	0.24
Effective dilutive securities – common stock options and restricted stock units		—		12		—
Diluted income per share	$	1,491		6,136	$	0.24

Basic and diluted per share amounts are the same in periods of a net loss because common share equivalents are anti-dilutive when a net loss is recorded. Diluted earnings per share does not include the impact of common stock options and restricted stock units totaling 5,000 for the three months ended September 30, 2022, and 7,000 for the six months ended September 30, 2022, as the effect of their inclusion would be anti-dilutive. Restricted stock units become dilutive within the period granted and remain dilutive until the units vest and are then included in the calculation of basic earnings per share. The denominator for effective dilutive shares for the prior year have been restated to conform to current year presentation, to included unvested restricted stock units that have a dilutive effect.