Earnings Per Share

3 Months Ended

Jun. 30, 2022

11. Earnings Per Share

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


	Three Months Ended
	June 30, 2022		June 30, 2021
Numerator for basic and diluted earnings per share:
Net income (loss)	$	8,391	$	(7,263)

Denominators:
Weighted-average common stock outstanding – denominator for basic EPS	28,544		26,762
Effect of dilutive employee stock options and other share-based awards	155		—
Adjusted weighted-average common stock outstanding and assumed conversions – denominator for diluted EPS	28,699		26,762

Stock options with respect to 378,000 common shares for the three months ended June 30, 2022 were not included in the computation of diluted income per share because they were antidilutive. Contingently issuable common shares of 179,000 were excluded because a performance condition had not yet been met.

Stock options, restricted stock units, and performance shares with respect to 1,199,000 common shares for the three months ended June 30, 2021 were not included in the computation of diluted income per share because they were antidilutive as a result of the Company's net loss.

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 three months ended June 30, 2022, the Company determined that the performance condition on its fiscal 2021 performance shares would not be fully met. The Company has adjusted its stock-based compensation accordingly in fiscal 2023.

During the first three months of fiscal 2023, there were 19,000 shares of stock issued upon the exercising of stock options issued under the Company’s LTIP. During the fiscal year ended March 31, 2022, 138,000 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. Additional information regarding this transaction can be found in Note 2 as well as the 2022 10-K.

On July 17, 2022, the Company's Board of Directors declared a dividend of $0.07 per common share. The dividend will be paid on August 15, 2022 to shareholders of record on August 5, 2022. The dividend payment is expected to be approximately $2,000,000.

Refer to the Company’s consolidated financial statements included in its 2022 10-K for further information on its earnings per share and stock plans.