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Note 5 - Computation of Net Income (Loss) Per Common Share

9 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

5. Computation of Net Income (Loss) per Common Share

Basic net income (loss) per share (“EPS”) is computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Where applicable, diluted EPS is computed by dividing the net income 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 months ended December 31, 2024, 475,971 shares were not included in the calculation of diluted EPS. Of these, 475,971 were shares of performance-based restricted stock where the contingency was not met. For the nine months ended December 31, 2024, 471,985 shares were not included in the calculation of diluted EPS. Of these, 471,768 were shares of performance-based restricted stock where the contingency was not met. 217 shares relate to outstanding stock awards that were considered anti-dilutive. For each of the three and nine months ended December 31, 2023, 336,206 shares were not included in the calculation of diluted EPS. Of these, 300,000 relate to shares associated with the contingent consideration derivative liability for which the contingency had not yet been met, and 36,206 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, 2024 and 2023 (in thousands, except per share data):

		*Three Months Ended December 31,*								*Nine Months Ended December 31,*
		*2024*				*2023*				*2024*				*2023*
Numerator:
Net income (loss)		$	2,465			$	(1,649	)		$	4,828			$	(9,532	)
Denominator:
Weighted-average shares of common stock outstanding			39,450				30,547				38,127				30,180
Weighted-average shares subject to repurchase			(1,789	)			(1,455	)			(1,361	)			(1,452	)
Shares used in per-share calculation ― basic			37,661				29,092				36,766				28,728
Shares used in per-share calculation ― diluted			38,463				29,092				37,457				28,728
Net income (loss) per share ― basic		$	0.07			$	(0.06	)		$	0.13			$	(0.33	)
Net income (loss) per share ― diluted		$	0.06			$	(0.06	)		$	0.13			$	(0.33	)