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Earnings Per Share
 9 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share
11.    Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands):
 Three Months Ended
Nine Months Ended
 December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Numerator for basic and diluted earnings per share:
Net income (loss)$12,029 $9,894 $34,534 $17,834 
Denominators: 
Weighted-average common stock outstanding – denominator for basic EPS28,626 28,469 28,597 27,887 
Effect of dilutive employee stock options and other share-based awards152 371 170 368 
Adjusted weighted-average common stock outstanding and assumed conversions – denominator for diluted EPS28,778 28,840 28,767 28,255 

Stock options with respect to 715,000 and 156,000 common shares for both the three and nine months ended December 31, 2022 and December 31, 2021, respectively, were not included in the computation of diluted income per share because they were antidilutive. For both the three and nine months ended December 31, 2022 and December 31, 2021 contingently issuable common shares of 179,000 and 120,000, respectively, 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 fiscal 2023, 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 expense accordingly in fiscal 2023.

During the quarter ended December 31, 2022, the Company repurchased 31,000 shares of its common stock at an aggregate cost of $1,001,000 in accordance with the Company's previously adopted share repurchase program. The value of the shares purchased are reflected as Treasury stock on the Company's Condensed Consolidated Balance Sheet as of December 31, 2022.

During the first nine months of fiscal 2023, there were 32,000 shares of stock issued upon the exercise of stock options that were issued under the Company’s 2016 LTIP. During the fiscal year ended March 31, 2022, 138,000 shares of restricted stock units vested and were issued.

In May 2021, 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 January 23, 2023, the Company's Board of Directors declared a dividend of $0.07 per common share. The dividend will be paid on February 21, 2023 to shareholders of record on February 10, 2023. The dividend payment is expected to be approximately $2,005,000.

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.