Note

Earnings

Per

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share (“diluted EPS”) is computed similarly to basic earnings per share, except that it includes the potential dilution that could occur if dilutive securities were exercised. Potentially dilutive securities include common shares related to stock options and non-vested stock awards (collectively “stock awards”). Stock awards are excluded from the calculation of diluted EPS in the event that they are subject to performance conditions or are antidilutive.

The following table presents a reconciliation of the denominators used in the computation of basic and diluted earnings per share (shares in thousands):

	Three Months Ended December 31,					Nine Months Ended December 31,
	2018		2017			2018		2017
Net income (loss) available for shareholders	$	858	$	(11,086	)	$	6,082	$	(7,216	)
Weighted average outstanding shares of common stock		3,855		3,781			3,840		3,765
Dilutive effect of stock options		180		--			182		--
Dilutive effect of non-vested shares		10		--			15		--
Fully diluted shares		4,045		3,781			4,037		3,765

Basic	$	0.22	$	(2.93	)	$	1.58	$	(1.92	)
Diluted	$	0.21	$	(2.93	)	$	1.51	$	(1.92	)

The following stock awards were excluded from the calculation of diluted EPS:

	Three Months Ended December 31,				Nine Months Ended December 31,
	2018		2017		2018		2017
Stock awards that were anti-dilutive		1		501		23		501
Stock awards subject to performance conditions		10		-		9		-
Total stock awards excluded from diluted EPS		11		501		32		501