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Earnings Per Share | 6 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (in thousands):
|  | Three Months Ended |  | Six Months Ended |
|  | September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023 |
Numerator for basic and diluted earnings per share: |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | (15,043) |  |  | $ | 15,813 |  |  | $ | (6,414) |  |  | $ | 25,088 |  |
Denominators: |  |  |  |  |  |  |  |  |
Weighted-average common stock outstanding – denominator for basic EPS |  | 28,869 |  |  | 28,725 |  |  | 28,852 |  |  | 28,694 |  |
Effect of dilutive employee stock options and other share-based awards |  | — |  |  | 276 |  |  | — |  |  | 268 |  |
Adjusted weighted-average common stock outstanding and assumed conversions – denominator for diluted EPS |  | 28,869 |  |  | 29,001 |  |  | 28,852 |  |  | 28,962 |  |
Stock options, restricted stock units, and performance shares with respect to 1,790,000 common shares for the three and six months ended September 30, 2024, were not included in the computation of diluted income per share because they were antidilutive as a result of the Company's net loss. Stock options with respect to 748,000 common shares for the three and six months ended September 30, 2023, respectively, were not included in the computation of diluted income per share because they were antidilutive. For the three and six months ended September 30, 2023 contingently issuable common shares of 168,000 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 and July 2024 ("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. In July of fiscal 2025 the plan was amended a second time increasing the total number of shares of common stock which may be granted by an additional 2,800,000 shares. During the quarter ended September 30, 2024, the Company repurchased 144,000 shares of its common stock at an aggregate cost of $4,945,000 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 September 30, 2024. During the first six months of fiscal 2025, there were 3,000 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, 2024, 146,000 shares of restricted stock units vested and were issued. On October 20, 2024, the Company's Board of Directors declared a dividend of $0.07 per common share. The dividend will be paid on November 18, 2024 to shareholders of record on November 8, 2024. The dividend payment is expected to be approximately $2,025,000. Refer to the Company’s consolidated financial statements included in the 2024 10-K for further information on its earnings per share and stock plans.

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