Earnings Per Share

9 Months Ended

Dec. 31, 2023

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


	Three Months Ended				Nine Months Ended
	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Numerator for basic and diluted earnings per share:
Net income (loss)	$	9,728	$	12,029	$	34,816	$	34,534

Denominators:
Weighted-average common stock outstanding – denominator for basic EPS	28,744		28,626		28,711		28,597
Effect of dilutive employee stock options and other share-based awards	247		152		268		170
Adjusted weighted-average common stock outstanding and assumed conversions – denominator for diluted EPS	28,991		28,778		28,979		28,767

Stock options with respect to 824,000 and 744,000 common shares for the three and nine months ended December 31, 2023, respectively, and 715,000 for both the three and nine months ended December 31, 2022, were not included in the computation of diluted income per share because they were antidilutive. For the three and nine months ended December 31, 2023 and December 31, 2022 contingently issuable common shares of 165,000 and 179,000, 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 2024, the Company determined that the performance condition on its fiscal 2022 performance shares would not be fully met. The Company has adjusted its stock-based compensation expense accordingly in fiscal 2024.

During fiscal 2023, 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 March 31, 2023. There were no such purchases in fiscal 2024.

During the first nine months of fiscal 2024, there were 21,000 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, 2023, 133,000 shares of restricted stock units vested and were issued.

On January 22, 2024, the Company's Board of Directors declared a dividend of $0.07 per common share. The dividend will be paid on February 20, 2024 to shareholders of record on February 9, 2024. The dividend payment is expected to be approximately $2,015,000.

Refer to the Company’s consolidated financial statements included in its 2023 10-K for further information on its earnings per share and stock plans.