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Note 4 - Computation of Net Loss Per Common Share

9 Months Ended

Dec. 31, 2023

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 each of the three and nine months ended December 31, 2023, 0.3 million shares were not included in the calculation of diluted EPS. Of these, 0.3 million relate to shares associated with the contingent consideration derivative liability for which the contingency has not yet been met, and less than 0.1 million relate to outstanding stock options as they were considered anti-dilutive. For each of the three and nine months ended December 31, 2022, 1.1 million shares were not included in the calculation of diluted EPS. Of these, 1.0 million relate to shares associated with the contingent consideration 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.

The following table reconciles the numerators and denominators of the earnings per share calculation for the three and nine months ended December 31, 2023 and 2022 (in thousands, except per share data):

		*Three Months Ended December 31,*								*Nine Months Ended December 31,*
		*2023*				*2022*				*2023*				*2022*
Numerator:
Net loss		$	(1,649	)		$	(9,581	)		$	(9,532	)		$	(28,171	)
Denominator:
Weighted-average shares of common stock outstanding			30,547				29,354				30,180				28,884
Weighted-average shares subject to repurchase			(1,455	)			(1,400	)			(1,452	)			(1,090	)
Shares used in per-share calculation ― basic			29,092				27,954				28,728				27,794
Shares used in per-share calculation ― diluted			29,092				27,954				28,728				27,794
Net loss per share ― basic		$	(0.06	)		$	(0.34	)		$	(0.33	)		$	(1.01	)
Net loss per share ― diluted		$	(0.06	)		$	(0.34	)		$	(0.33	)		$	(1.01	)