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Note 5 - Computation of Net Income (Loss) Per Common Share
 3 Months Ended
Jun. 30, 2025
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 June 30, 2025, 475,329 shares were not included in the calculation of diluted EPS. Of these, 474,517 were shares of performance-based restricted stock where the contingency was not met and 812 shares relate to outstanding stock awards that were considered anti-dilutive. For the three months ended  June 30, 2024, 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 has 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 months ended June 30, 2025, and 2024 (in thousands, except per share data):

 

  

Three Months Ended June 30,

 
  

2025

  

2024

 

Numerator:

        

Net income (loss)

 $6,724  $(2,524)

Denominator:

        

Weighted-average shares of common stock outstanding

  40,863   36,991 

Weighted-average shares subject to repurchase

  (1,988)  (1,315)

Shares used in per-share calculation ― basic

  38,875   35,676 

Shares used in per-share calculation ― diluted

  39,742   35,676 

Net income (loss) per share ― basic

 $0.17  $(0.07)

Net income (loss) per share ― diluted

 $0.17  $(0.07)