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Note 5 - Computation of Net Loss Per Common Share

6 Months Ended

Sep. 30, 2021

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 six months ended September 30, 2021, 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 six months ended September 30, 2020, 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 six months ended September 30, 2021 and 2020 (in thousands, except per share data):

		*Three Months Ended September 30,*								*Six Months Ended September 30,*
		*2021*				*2020*				*2021*				*2020*
Numerator:
Net loss		$	(4,434	)		$	(3,712	)		$	(9,837	)		$	(7,129	)
Denominator:
Weighted-average shares of common stock outstanding			28,360				23,057				28,141				22,943
Weighted-average shares subject to repurchase			(1,108	)			(1,197	)			(1,101	)			(1,168	)
Shares used in per-share calculation ― basic			27,252				21,860				27,040				21,775
Shares used in per-share calculation ― diluted			27,252				21,860				27,040				21,775
Net loss per share ― basic		$	(0.16	)		$	(0.17	)		$	(0.36	)		$	(0.33	)
Net loss per share ― diluted		$	(0.16	)		$	(0.17	)		$	(0.36	)		$	(0.33	)