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Note 10 - Earnings Per Share
 12 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 10. Earnings Per Share

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

 

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

 

  

Year Ended March 31,

 
  

2023

  

2022

  

2021

 

Net earnings available for shareholders

 $930  $1,871  $3,274 

Weighted average outstanding shares of common stock

  5,321   5,212   4,975 

Dilutive effect of stock options

  26   100   125 

Dilutive effect of unvested stock awards

  14   23   24 

Fully diluted shares

  5,361   5,335   5,124 
             

Basic earnings per share

 $0.17  $0.36  $0.66 

Diluted earnings per share

 $0.17  $0.35  $0.64 

 

The impact of the assumed conversion of the 2025 Notes calculated under the if-converted method was anti-dilutive, and as such shares underlying the 2025 Notes were excluded from the diluted EPS calculation for the fiscal years ended March 31, 2023, 2022, and 2021. 

 

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

 

  

Year Ended March 31,

 
  

2023

  

2022

  

2021

 

Assumed conversion of convertible debt

  608   608   608 

Stock awards that were anti-dilutive

  154   40   44 

Stock awards subject to performance conditions

  48   26   14 

Total stock awards excluded from diluted EPS

  810   674   666