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

9 Months Ended

Dec. 31, 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 December 31, 2025, 496,105 shares were not included in the calculation of diluted EPS. Of these, 495,834 were shares of performance-based restricted stock where the contingency was not met and 271 shares relate to outstanding stock options that were considered anti-dilutive. For the nine months ended December 31, 2025, 508,391 shares were not included in the calculation of diluted EPS. Of these, 507,895 were shares of performance-based restricted stock where the contingency was not met and 496 shares relate to outstanding stock options that were considered 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. Of the remaining shares, 217 shares relate to outstanding stock awards that 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, 2025, and 2024 (in thousands, except per share data):

		*Three Months Ended December 31,*								*Nine Months Ended December 31,*
		*2025*				*2024*				*2025*				*2024*
Numerator:
Net income		$	117,806			$	2,465			$	129,280			$	4,828
Denominator:
Weighted-average shares of common stock outstanding			45,872				39,450				43,980				38,127
Weighted-average shares subject to repurchase			(1,915	)			(1,789	)			(1,943	)			(1,361	)
Shares used in per-share calculation ― basic			43,957				37,661				42,036				36,766
Shares used in per-share calculation ― diluted			44,939				38,463				42,975				37,457
Net income per share ― basic		$	2.68			$	0.07			$	3.08			$	0.13
Net income per share ― diluted		$	2.62			$	0.06			$	3.01			$	0.13