XML 26 R16.htm IDEA: XBRL DOCUMENT

Note 8 - Earnings Per Share

9 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 8. Earnings (Loss) 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 stock options and RSUs, including RSUs that contain performance conditions which have been achieved as of the reporting period (collectively “stock awards”), as well as common shares underlying the Notes. Stock awards are excluded from the calculation of diluted EPS if 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 then have an antidilutive effect. There was no dilution in our diluted EPS calculation for the three months ended December 31, 2021 nor the three and nine months ended December 31, 2020 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 antidilutive, and as such, shares underlying the Notes were excluded from the diluted EPS calculation for three and nine months ended December 31, 2021 and December 31, 2020.

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

		*Three Months Ended December 31,*								*Nine Months Ended December 31,*
		*2021*				*2020*				*2021*				*2020*
Net (loss) income available for shareholders		$	(2,060	)		$	(4,542	)		$	3,655			$	(646	)
Weighted average outstanding shares of common stock			5,233				5,125				5,199				4,922
Dilutive effect of stock options			-				-				107				-
Dilutive effect of RSUs			-				-				27				-
Fully diluted shares			5,233				5,125				5,333				4,922

Basic (loss) earnings per share		$	(0.39	)		$	(0.89	)		$	0.70			$	(0.13	)
Diluted (loss) earnings per share		$	(0.39	)		$	(0.89	)		$	0.69			$	(0.13	)

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

		*Three Months Ended December 31,*								*Nine Months Ended December 31,*
		*2021*				*2020*				*2021*				*2020*
Assumed conversion of the Notes			608				608				608				608
Stock awards that were anti-dilutive			285				307				38				313
Stock awards subject to performance conditions			40				11				18				17
Total stock awards excluded from diluted EPS			933				926				664				938