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Earnings per Share
 12 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings per Share

12. 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.

 

 

Year Ended March 31,

 

(In thousands, except per share data)

2025

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

Net income

$

23,225

 

 

$

86,195

 

 

$

14,582

 

Series A convertible preferred stock dividends

 

—

 

 

 

(1,204

)

 

 

(1,836

)

Net income attributable to common shareholders

$

23,225

 

 

$

84,991

 

 

$

12,746

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

27,518

 

 

 

25,668

 

 

 

24,694

 

Dilutive SSARs

 

472

 

 

 

929

 

 

 

1,059

 

Dilutive unvested restricted stock units

 

40

 

 

 

10

 

 

 

—

 

Dilutive unvested restricted shares

 

227

 

 

 

234

 

 

 

176

 

Weighted average shares outstanding - diluted

 

28,257

 

 

 

26,842

 

 

 

25,929

 

 

 

 

 

 

 

 

 

 

Income per share - basic:

$

0.84

 

 

$

3.31

 

 

$

0.52

 

Income per share - diluted:

$

0.82

 

 

$

3.17

 

 

$

0.49

 

 

 

 

 

 

 

 

 

 

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

 

132

 

 

 

175

 

 

 

1,741

 

 

Basic income per share is computed as net income available to common shareholders divided by the weighted average basic shares outstanding. The outstanding shares used to calculate the weighted average basic shares excludes 229,710, 436,177 and 407,324 of restricted shares at March 31, 2025, 2024 and 2023, respectively, as these shares were issued but

were not vested and, therefore, not considered outstanding for purposes of computing basic earnings per share at the balance sheet dates.

Diluted income per share includes the effect of all potentially dilutive securities on earnings per share. We have stock-settled appreciation rights (SSARs), unvested restricted shares, restricted stock units, employee stock purchase plan (ESPP) shares, and performance shares, that are potentially dilutive securities. When a loss is reported, the denominator of diluted earnings per share cannot be adjusted for the dilutive impact of share-based compensation awards because doing so would be anti-dilutive.