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Note 9 - Net Earnings Per Share

9 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 9. Earnings Per Share

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 (“diluted EPS”) 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 stock options and both time and performance based RSUs (collectively “stock awards”), as well as common shares underlying our 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 if they are antidilutive. Diluted EPS does not consider the impact of potentially dilutive securities in periods in which there is a loss because the inclusion of the potential common shares would have an antidilutive effect in such cases.

Shares underlying the Notes were excluded from the diluted EPS calculation for the three and nine months ended December 31, 2023 and December 31, 2022 as the impact of the assumed conversion of the Notes calculated under the if-converted method was antidilutive.

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

		*Three Months Ended December 31,*								*Nine Months Ended December 31,*
		*2023*				*2022*				*2023*				*2022*
Net income available for shareholders		$	2,116			$	451			$	337			$	319
Weighted average outstanding shares of common stock			5,393				5,339				5,384				5,312
Dilutive effect of stock options			-				17				1				28
Dilutive effect of RSUs			3				4				9				14
Fully diluted shares			5,396				5,360				5,394				5,354

Basic earnings per share		$	0.39			$	0.08			$	0.06			$	0.06
Diluted earnings per share		$	0.39			$	0.08			$	0.06			$	0.06

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

		*Three Months Ended December 31,*								*Nine Months Ended December 31,*
		*2023*				*2022*				*2023*				*2022*
Assumed conversion of the Notes			608				608				608				608
Stock awards that were anti-dilutive			277				176				223				159
Stock awards subject to performance and market conditions			57				49				46				51
Total stock awards excluded from diluted EPS			942				833				877				818