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Note 4 - Computation of Net Loss per Common Share | 6 Months Ended
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Sep. 30, 2019
Notes to Financial Statements |
Earnings Per Share [Text Block] | 4. Computation of Net Loss per Common Share Basic net loss per share (“EPS”) is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. Where applicable, diluted EPS is computed by dividing the net loss by the weighted-average number of common shares and dilutive common equivalent shares outstanding during the period, calculated using the treasury stock method. Common equivalent shares include the effect of restricted stock, exercise of stock options and warrants and contingently issuable shares. Stock options and warrants that are out-of-the-money with exercise prices greater than the average market price of the underlying common shares and shares of performance based restricted stock where the contingency was not met are excluded from the computation of diluted EPS as the effect of their inclusion would be anti-dilutive. For both the three and six months ended September 30, 2019 , 0.2 million shares related to stock options were not included in the calculation of diluted EPS as they were considered anti-dilutive. For the three months ended September 30, 2018 , 1.6 million shares were not included in the calculation of diluted EPS as they were considered anti-dilutive, of which 0.3 million relate to outstanding stock options, 0.9 million relate to outstanding warrants and 0.4 million relate to outstanding unvested stock awards. For the six months ended September 30, 2018 , 1.4 million shares were not included in the calculation of diluted EPS as they were considered anti-dilutive, of which 0.2 million shares relate to outstanding stock options, 0.9 million shares relate to outstanding warrants and 0.3 million relate to outstanding unvested stock awards. The following table reconciles the numerators and denominators of the earnings per share calculation for the three and six months ended September 30, 2019 and 2018 (in thousands, except per share data):
|  | Three Months Ended September 30, |  |  | Six Months Ended September 30, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (825 | ) |  | $ | 22,558 |  |  | $ | (4,364 | ) |  | $ | 17,821 |
Less: decrease in fair value of warrants, net of income tax |  |  | (1,145 | ) |  |  | 0 |  |  |  | (4,092 | ) |  |  | 0 |
Plus: change in fair value due to exercise of warrants |  |  | 0 |  |  |  | 0 |  |  |  | 83 |  |  |  | 0 |
Net income (loss) - diluted |  | $ | (1,970 | ) |  | $ | 22,558 |  |  | $ | (8,373 | ) |  | $ | 17,821 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares of common stock outstanding |  |  | 21,678 |  |  |  | 21,252 |  |  |  | 21,538 |  |  |  | 21,126 |
Weighted-average shares subject to repurchase |  |  | (1,022 | ) |  |  | (939 | ) |  |  | (952 | ) |  |  | (886 | )
Shares used in per-share calculation ― basic |  |  | 20,656 |  |  |  | 20,313 |  |  |  | 20,586 |  |  |  | 20,240 |
Common stock awards |  |  | 0 |  |  |  | 268 |  |  |  | 0 |  |  |  | 320 |
Common stock warrants |  |  | 67 |  |  |  | 0 |  |  |  | 150 |  |  |  | 0 |
Shares used in per-share calculation ― diluted |  |  | 20,723 |  |  |  | 20,581 |  |  |  | 20,736 |  |  |  | 20,560 |
Net (loss) income per share ― basic |  | $ | (0.04 | ) |  | $ | 1.11 |  |  | $ | (0.21 | ) |  | $ | 0.88 |
Net (loss) income per share ― diluted |  | $ | (0.10 | ) |  | $ | 1.10 |  |  | $ | (0.40 | ) |  | $ | 0.87 |
For the three and six months ended September 30, 2019, the diluted net loss per common share amounts under the treasury stock method were calculated based on the dilutive effect of the total number of shares of common stock related to the Hudson Warrant of 818,181 shares with an exercise price of $ 7.81 . For the three and six month periods ended September 30, 2019, the average stock price was $8.50 and $9.56 respectively, providing 66,638 and 150,025 dilutive shares respectively, for the Hudson Warrant. The decrease in the fair value of the warrant liability of $1.1 million and $4.1 million, respectively, is included in the net loss available to common shareholders for the diluted net loss per common share amount when the impact is dilutive.

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