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Note 10 - Earnings Per Share
 12 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 10. Earnings Per Share

(dollars and shares in thousands, except per share values)

 

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 years ended March 31, 2022. 

 

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

 

  

Year Ended March 31,

 
  

2022

  

2021

  

2020

 

Net income available for shareholders

 $1,871  $3,274  $1,778 

Weighted average outstanding shares of common stock

  5,212   4,975   4,200 

Dilutive effect of stock options

  100   125   159 

Dilutive effect of RSUs

  20   10   12 

Dilutive effect of PSUs

  3   14   - 

Fully diluted shares

  5,335   5,124   4,371 
             

Basic earnings per share

 $0.36  $0.66  $0.42 

Diluted earnings per share

 $0.35  $0.64  $0.41 

 

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

 

  

Year Ended March 31,

 
  

2022

  

2021

  

2020

 

Assumed conversion of convertible debt

  608   608   387 

Stock awards that were anti-dilutive

  40   44   24 

Stock awards subject to performance conditions

  26   14   18 

Total stock awards excluded from diluted EPS

  674   666   429