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Note 12 - Earnings Per Share | 12 Months Ended
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Mar. 31, 2021
Notes to Financial Statements |
Earnings Per Share [Text Block] | Note 12. 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 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”) and convertible debt. 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 year ended March 31, 2021. The following table presents a reconciliation of the denominators used in the computation of basic and diluted earnings per share (shares in thousands):
|  | For the Year Ended March 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Net income available for shareholders |  | $ | 3,274 |  |  | $ | 1,778 |  |  | $ | 7,484 |
Weighted average outstanding shares of common stock |  |  | 4,975 |  |  |  | 4,200 |  |  |  | 3,839 |
Dilutive effect of stock options |  |  | 125 |  |  |  | 159 |  |  |  | 186 |
Dilutive effect of RSUs |  |  | 10 |  |  |  | 12 |  |  |  | 8 |
Dilutive effect of PSUs |  |  | 14 |  |  |  | - |  |  |  | - |
Fully diluted shares |  |  | 5,124 |  |  |  | 4,371 |  |  |  | 4,033 |
Basic earnings per share |  | $ | 0.66 |  |  | $ | 0.42 |  |  | $ | 1.95 |
Diluted earnings per share |  | $ | 0.64 |  |  | $ | 0.41 |  |  | $ | 1.86 |
The following stock awards were excluded from the calculation of diluted EPS:
|  | For the Year Ended March 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Assumed conversion of convertible debt |  |  | 608 |  |  |  | 387 |  |  |  | - |
Stock awards that were anti-dilutive |  |  | 44 |  |  |  | 24 |  |  |  | 1 |
Stock awards subject to performance conditions |  |  | 14 |  |  |  | 18 |  |  |  | 10 |
Total stock awards excluded from diluted EPS |  |  | 666 |  |  |  | 429 |  |  |  | 11 |

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