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Earnings Per Share
 6 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings per Share

8. Earnings per Share

The following data shows the amounts used in computing earnings per share and the effect on earnings and the weighted average number of shares of dilutive potential common shares.

 

 

Three Months Ended
September 30,

 

 

Six Months Ended
September 30,

 

(In thousands, except per share data)

2024

 

 

2023

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

Net income

$

1,364

 

 

$

4,545

 

 

$

15,470

 

 

$

6,093

 

Series A convertible preferred stock dividends

 

—

 

 

 

(459

)

 

 

—

 

 

 

(918

)

Net income attributable to common shareholders

$

1,364

 

 

$

4,086

 

 

$

15,470

 

 

$

5,175

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

27,533

 

 

 

25,022

 

 

 

27,335

 

 

 

24,979

 

Dilutive SSARs

 

432

 

 

 

919

 

 

 

571

 

 

 

964

 

Dilutive unvested restricted shares

 

262

 

 

 

171

 

 

 

268

 

 

 

201

 

Dilutive unvested restricted stock units

 

30

 

 

 

5

 

 

 

28

 

 

 

4

 

Weighted average shares outstanding - diluted

 

28,257

 

 

 

26,117

 

 

 

28,202

 

 

 

26,148

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per share - basic:

$

0.05

 

 

$

0.16

 

 

$

0.57

 

 

$

0.21

 

Income per share - diluted:

$

0.05

 

 

$

0.16

 

 

$

0.55

 

 

$

0.20

 

 

 

 

 

 

 

 

 

 

 

 

 

Anti-dilutive SSARs, restricted shares,
   performance shares and preferred shares

 

—

 

 

 

1,735

 

 

 

24

 

 

 

1,735

 

 

Basic income per share is computed as net income attributable to common shareholders divided by the weighted average basic shares outstanding. The outstanding shares used to calculate the weighted average basic shares excludes 345,625 and 326,290 of restricted shares at September 30, 2024 and 2023, respectively, as these shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic income per share at the balance sheet dates.

Diluted income per share includes the impact of all potentially dilutive securities on earnings per share. We have stock-settled appreciation rights (SSARs), restricted shares, restricted stock units, and preferred shares that are potentially dilutive securities.