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Note 9 - Earnings Per Share

6 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 9. Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings (loss) per share (“diluted EPS”) is computed similarly to basic earnings (loss) per share, except that it includes the potential dilution that could occur if dilutive securities were exercised. Potentially dilutive securities include stock options and both time and performance based RSUs (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 six months ended September 30, 2022 as we incurred a net loss 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 the three and six months ended September 30, 2022 and September 30, 2021.

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

		*Three Months Ended September 30,*								*Six Months Ended September 30,*
		*2022*				*2021*				*2022*				*2021*
Net income (loss) available for shareholders		$	1,306			$	3,720			$	(132	)		$	5,715
Weighted average outstanding shares of common stock			5,323				5,211				5,298				5,182
Dilutive effect of stock options			27				109				-				109
Dilutive effect of RSUs			14				24				-				33
Fully diluted shares			5,364				5,344				5,298				5,324

Basic earnings (loss) per share		$	0.25			$	0.71			$	(0.02	)		$	1.10
Diluted earnings (loss) per share		$	0.24			$	0.70			$	(0.02	)		$	1.07

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

		*Three Months Ended September 30,*								*Six Months Ended September 30,*
		*2022*				*2021*				*2022*				*2021*
Assumed conversion of the Notes			608				608				608				608
Stock awards that were anti-dilutive			154				43				328				40
Stock awards subject to performance conditions			60				8				52				8
Total stock awards excluded from diluted EPS			822				659				988				656