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Note 9 - (Loss) Earnings Per Share

9 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 9. (Loss) Earnings Per Share

Basic (loss) earnings per share is computed by dividing net (loss) income by the weighted-average number of common shares outstanding during the reporting period. Diluted (loss) earnings per share (“diluted EPS”) is computed similarly to basic (loss) 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, including RSUs that contain performance conditions which have been achieved as of the reporting period (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. There was no dilution in our diluted EPS calculation for the three and nine months ended December 31, 2020 and the three months ended December 31, 2019 because we incurred net losses in those periods and the effect would have been antidilutive.

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 nine months ended December 31, 2020.

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

		*Three Months Ended December 31,*								*Nine Months Ended December 31,*
		*2020*				*2019*				*2020*				*2019*
Net (loss) income available for shareholders		$	(4,542	)		$	(4,504	)		$	(646	)		$	3,330
Weighted average outstanding shares of common stock			5,125				4,367				4,922				4,142
Dilutive effect of stock options			-				-				-				251
Dilutive effect of time-based non-vested shares			-				-				-				25
Dilutive effect of performance-based non-vested shares			-				-				-				-
Fully diluted shares			5,125				4,367				4,922				4,418

Basic (loss) earnings per share		$	(0.89	)		$	(1.03	)		$	(0.13	)		$	0.80
Diluted (loss) earnings per share		$	(0.89	)		$	(1.03	)		$	(0.13	)		$	0.75

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

		*Three Months Ended December 31,*								*Nine Months Ended December 31,*
		*2020*				*2019*				*2020*				*2019*
Assumed conversion of convertible debt			608				608				608				318
Stock awards that were anti-dilutive			307				343				313				22
Stock awards subject to performance conditions			11				21				17				15
Total stock awards excluded from diluted EPS			926				972				938				355