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Note 9 - Earnings (Loss) Per Share

9 Months Ended

Dec. 31, 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.

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 nine months ended December 31, 2022 and December 31, 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 December 31,*								*Nine Months Ended December 31,*
		*2022*				*2021*				*2022*				*2021*
Net income (loss) available for shareholders		$	451			$	(2,060	)		$	319			$	3,655
Weighted average outstanding shares of common stock			5,339				5,233				5,312				5,199
Dilutive effect of stock options			17				-				28				107
Dilutive effect of RSUs			4				-				14				27
Fully diluted shares			5,360				5,233				5,354				5,333

Basic earnings (loss) per share		$	0.08			$	(0.39	)		$	0.06			$	0.70
Diluted earnings (loss) per share		$	0.08			$	(0.39	)		$	0.06			$	0.69

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

		*Three Months Ended December 31,*								*Nine Months Ended December 31,*
		*2022*				*2021*				*2022*				*2021*
Assumed conversion of the Notes			608				608				608				608
Stock awards that were anti-dilutive			176				285				159				38
Stock awards subject to performance conditions			49				40				51				18
Total stock awards excluded from diluted EPS			833				933				818				664