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Note 5 - Computation of Net Income Per Share of Common Stock

6 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Earnings Per Share [Text Block]

5. Computation of Net Income per Share of Common Stock

Basic net income per share (“EPS”) is computed by dividing net income 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 September 30, 2025, 553,740 shares were not included in the calculation of diluted EPS. Of these, 553,334 were shares of performance-based restricted stock where the contingency was not met and 406 shares relate to outstanding stock options that were considered anti-dilutive. For the six months ended September 30, 2025, 514,535 shares were not included in the calculation of diluted EPS. Of these, 513,926 were shares of performance-based restricted stock where the contingency was not met and 609 shares relate to outstanding stock options that were considered anti-dilutive. For the three months ended September 30, 2024, 535,001 shares were not included in the calculation of diluted EPS. Of these, 526,333 were shares of performance-based restricted stock where the contingency was not met. Of the remaining shares, 652 shares relate to outstanding stock awards that were considered anti-dilutive, and 8,016 shares related to ESPP shares and were excluded as they were considered anti-dilutive. For the six months ended September 30, 2024, 479,341 shares were not included in the calculation of diluted EPS. Of these, 469,667 were shares of performance-based restricted stock where the contingency was not met. Of the remaining shares, 326 shares relate to outstanding stock awards that were considered anti-dilutive, and 9,348 shares related to ESPP shares and were excluded 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, 2025, and 2024 (in thousands, except per share data):

		*Three Months Ended September 30,*								*Six Months Ended September 30,*
		*2025*				*2024*				*2025*				*2024*
Numerator:
Net income		$	4,750			$	4,887			$	11,474			$	2,363
Denominator:
Weighted-average shares of common stock outstanding			45,170				37,931				43,028				37,463
Weighted-average shares subject to repurchase			(1,928	)			(979	)			(1,958	)			(1,146	)
Shares used in per-share calculation ― basic			43,242				36,952				41,070				36,317
Shares used in per-share calculation ― diluted			44,210				37,499				41,988				36,951
Net income per share ― basic		$	0.11			$	0.13			$	0.28			$	0.07
Net income per share ― diluted		$	0.11			$	0.13			$	0.27			$	0.06