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Net (Loss) Income per Share
 6 Months Ended
Sep. 30, 2022
Net (Loss) Income per Share [Abstract]  
Net (Loss) Income per Share
11. Net (Loss) Income per Share

Basic net (loss) income per share is computed by dividing net (loss) income by the weighted average number of shares of common stock outstanding during the period. Diluted net (loss) income per share includes the effect, if any, from the potential exercise or conversion of securities, such as stock options, which would result in the issuance of incremental shares of common stock to the extent such impact is not anti-dilutive.

The following presents a reconciliation of basic and diluted net (loss) income per share:

 
  
Three Months Ended
September 30,
    
Six Months Ended
September 30,
  
 
  
2022
    
2021
    
2022
    
2021
  
Net (loss) income
  
$
(6,517,000
)
  
$
3,683,000
    
$
(6,692,000
)
  
$
4,544,000
  
Basic shares
    
19,272,557
      
19,135,356
      
19,197,181
      
19,094,904
  
Effect of potentially dilutive securities
    
-
      
484,418
      
-
      
543,141
  
Diluted shares
    
19,272,557
      
19,619,774
      
19,197,181
      
19,638,045
  
Net (loss) income per share:
                                
Basic net (loss) income per share
  
$
(0.34
)
  
$
0.19
    
$
(0.35
)
  
$
0.24
  
Diluted net (loss) income per share
  
$
(0.34
)
  
$
0.19
    
$
(0.35
)
  
$
0.23
  

Potential common shares that would have the effect of increasing diluted net income per share or decreasing diluted net loss per share are considered to be anti-dilutive and as such, these shares are not included in calculating diluted net (loss) income per share. For the three months ended September 30, 2022 and 2021, there were 1,945,392 and 915,778, respectively, of potential common shares not included in the calculation of diluted net (loss) income per share because their effect was anti-dilutive. For the six months ended September 30, 2022 and 2021, there were 1,945,392 and 707,660, respectively, of potential common shares not included in the calculation of diluted net (loss) income per share because their effect was anti-dilutive.