14. EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares outstanding during the period, without considering any dilutive items. Diluted EPS is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the Company’s common stock during the period. Common stock equivalents arise from the assumed exercise of outstanding stock options and assumed vesting of restricted stock. For the years ended March 31, 2020 and 2019, there were no stock options excluded in computing diluted EPS. For the year ended March 31, 2018, stock options for 8,000 shares of common stock were excluded in computing diluted EPS because they were antidilutive.

In February 2020, the Company’s Board of Directors adopted a stock repurchase program (the “repurchase program”). Under the repurchase program, the Company may repurchase up to 500,000 shares of the Company’s outstanding shares of common stock, in the open market based on prevailing market prices, or in private negotiated transactions, during the period from March 12, 2020 until the earlier of the completion of the repurchase of 500,000 shares of the Company’s common stock or the next six months, depending on market conditions. As of March 31, 2020, the Company had repurchased 204,100 shares under the repurchase program at an average price of $4.94 per share. As of April 17, 2020, the Company had repurchased the remaining 295,900 shares at an average price of $4.85 per share. The Company did not repurchase any shares of its common stock during the years ended March 31, 2019 or 2018.

The following table presents a reconciliation of the components used to compute basic and diluted EPS for the years indicated:


	Year Ended March 31,
(Dollars and share data in thousands, except per share data)	2020		2019		2018

Basic EPS computation:
Numerator-net income	$	15,748	$	17,266	$	10,242
Denominator-weighted average common shares outstanding		22,643		22,588		22,531
Basic EPS	$	0.70	$	0.76	$	0.45
Diluted EPS computation:
Numerator-net income	$	15,748	$	17,266	$	10,242
Denominator-weighted average common shares outstanding		22,643		22,588		22,531
Effect of dilutive stock options and restricted stock		55		72		92
Weighted average common shares and common stock equivalents		22,698		22,660		22,623
Diluted EPS	$	0.69	$	0.76	$	0.45