Earnings Per Share

9 Months Ended

Dec. 31, 2021

The following table sets forth the computation of basic and diluted earnings per share (in thousands):


	Three Months Ended				Nine Months Ended
	December 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020
Numerator for basic and diluted earnings per share:
Net income (loss)	$	9,894	$	6,594	$	17,834	$	(479)

Denominators:
Weighted-average common stock outstanding – denominator for basic EPS	28,469		23,928		27,887		23,871
Effect of dilutive employee stock options and other share-based awards	371		273		368		—
Adjusted weighted-average common stock outstanding and assumed conversions – denominator for diluted EPS	28,840		24,201		28,255		23,871

Stock options with respect to 156,000 common shares for the three and nine months ended December 31, 2021, respectively, were not included in the computation of diluted income per share because they were antidilutive. For the three and nine months ended December 31, 2021, 120,000 contingently issuable common shares were excluded because a performance condition had not yet been met.

Stock options, restricted stock units, and performance shares with respect to 244,000 and 1,063,000 common shares for the three and nine months ended December 31, 2020, respectively were not included in the computation of diluted income per share because they were antidilutive. The shares as of the nine months ended December 31, 2020 were antidilutive as a result of the Company's net loss. For the three and nine months ended December 31, 2020, 105,000 contingently issuable common shares were excluded because a performance condition had not yet been met.

The Company grants share based compensation to eligible participants under the 2016 Long Term Incentive Plan, as Amended and Restated in June 2019 ("2016 LTIP"). The total number of shares of common stock with respect to which awards may be granted under the 2016 LTIP were increased by 2,500,000 as a result of the June 2019 amendment and restatement. Shares not previously authorized for issuance under any of the prior stock plans and any shares not issued or subject to outstanding awards under the prior stock plans are still available for issuance.

During the first nine months of fiscal 2022, there were 99,000 shares of stock issued upon the exercising of stock options related to the Company’s stock option plans. During the fiscal year ended March 31, 2021, 125,000 shares of restricted stock units vested and were issued.

In May of fiscal 2022, the Company issued 4,312,500 shares of common stock raising proceeds of $198,705,000 net of fees in connection with the Dorner acquisition that was completed in April 2021. Refer to Notes 2 and 9 for additional details regarding this transaction.

On January 17, 2022, the Company's Board of Directors declared a dividend of $0.06 per common share. The dividend will be paid on February 22, 2022 to shareholders of record on February 11, 2022. The dividend payment is expected to be approximately $1,710,000.

Refer to the Company’s consolidated financial statements included in its 2021 10-K for further information on its earnings per share and stock plans.