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Note 9 - Earnings Per Share
 6 Months Ended
Sep. 30, 2020
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 9. Earnings Per Share

 

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 RSUs (collectively “stock awards”). Stock awards are excluded from the calculation of diluted EPS in the event that they are subject to performance conditions that have not yet been achieved or are antidilutive. Diluted EPS considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an antidilutive effect. 

 

The impact of the assumed conversion of the Notes calculated under the if-converted method was anti-dilutive, and as such, shares underlying the Notes were excluded from the diluted EPS calculation for the three and  six months ended September 30, 2020. 

 

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 September 30,

  

Six Months Ended September 30,

 
  

2020

  

2019

  

2020

  

2019

 

Net income available for shareholders

 $2,679  $3,172  $3,896  $7,834 

Weighted average outstanding shares of common stock

  5,110   4,155   4,821   4,029 

Dilutive effect of stock options

  119   156   125   166 

Dilutive effect of non-vested shares

  12   10   12   10 

Fully diluted shares

  5,241   4,321   4,958   4,205 
                 

Basic

 $0.52  $0.76  $0.81  $1.94 

Diluted

 $0.51  $0.73  $0.79  $1.86 

 

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

 

  

Three Months Ended September 30,

  

Six Months Ended September 30,

 
  

2020

  

2019

  

2020

  

2019

 

Assumed conversion of convertible debt

  608   331   608   166 

Stock awards that were anti-dilutive

  63   29   49   19 

Stock awards subject to performance conditions

  21   18   19   15 

Total stock awards excluded from diluted EPS

  692   378   676   200