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Note 5 - Computation of Net Loss Per Common Share | 9 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Earnings Per Share [Text Block] | 5. 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 the three and nine months ended December 31, 2020 , 1.1 million shares were not included in the calculation of diluted EPS. Of these, 1.0 million relate to shares tied to the derivative liability for which the contingency has not yet been met, and 0.1 million relate to outstanding stock options as they were considered anti-dilutive . For the three and nine months ended December 31, 2019 , 0.1 million shares related to outstanding stock options were not included in the calculation of diluted EPS as they were considered anti-dilutive. The following table reconciles the numerators and denominators of the earnings per share calculation for the three and nine months ended December 31, 2020 and 2019 (in thousands, except per share data):
|  | Three Months Ended December 31, |  |  | Nine Months Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (7,933 | ) |  | $ | (6,845 | ) |  | $ | (15,062 | ) |  | $ | (11,209 | )
Less: decrease in fair value of warrants, net of income tax |  |  | — |  |  |  | (556 | ) |  |  | — |  |  |  | (4,648 | )
Plus: change in fair value due to exercise of warrants |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 83 |
Net loss - diluted |  | $ | (7,933 | ) |  | $ | (7,401 | ) |  | $ | (15,062 | ) |  | $ | (15,774 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares of common stock outstanding |  |  | 26,532 |  |  |  | 22,110 |  |  |  | 24,143 |  |  |  | 21,729 |
Weighted-average shares subject to repurchase |  |  | (1,062 | ) |  |  | (925 | ) |  |  | (1,132 | ) |  |  | (943 | )
Shares used in per-share calculation ― basic |  |  | 25,470 |  |  |  | 21,185 |  |  |  | 23,011 |  |  |  | 20,786 |
Common stock warrants |  |  | — |  |  |  | 18 |  |  |  | — |  |  |  | 108 |
Shares used in per-share calculation ― diluted |  |  | 25,470 |  |  |  | 21,203 |  |  |  | 23,011 |  |  |  | 20,894 |
Net loss per share ― basic |  | $ | (0.31 | ) |  | $ | (0.32 | ) |  | $ | (0.65 | ) |  | $ | (0.54 | )
Net loss per share ― diluted |  | $ | (0.31 | ) |  | $ | (0.35 | ) |  | $ | (0.65 | ) |  | $ | (0.75 | )
For the three and nine months ended December 31, 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 warrants issued to Hudson Bay Capital (the “Hudson Warrants”) for 818,181 shares with an exercise price of $7.81. For the three and nine month periods ended December 31, 2019 , the average stock price was $8.19 and $9.29 respectively through November 13, 2019 when the Hudson Warrant was partially exercised for 786,000 shares, providing 37,962 and 130,345 dilutive shares respectively. The increase of $0.6 million and the decrease of $4.6 million in the fair value of the warrant liability, 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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