EARNINGS PER SHARE

12 Months Ended

Mar. 31, 2021

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. Nonvested shares of restricted stock are included in the computation of basic EPS because the holder has voting rights and shares in non-forfeitable dividends during the vesting period. 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. For the years ended March 31, 2021, 2020 and 2019, there were no stock options excluded in computing diluted EPS.

In February 2020, the Company’s Board of Directors adopted a stock repurchase program (the “repurchase program”). Under the repurchase program, the Company was authorized to 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 year ended March 31, 2019.

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)	2021		2020		2019

Basic EPS computation:
Numerator-net income	$	10,472	$	15,748	$	17,266
Denominator-weighted average common shares outstanding		22,296		22,708		22,588
Basic EPS	$	0.47	$	0.69	$	0.76
Diluted EPS computation:
Numerator-net income	$	10,472	$	15,748	$	17,266
Denominator-weighted average common shares outstanding		22,296		22,708		22,588
Effect of dilutive stock options		17		36		72
Weighted average common shares and common stock
equivalents		22,313		22,744		22,660
Diluted EPS	$	0.47	$	0.69	$	0.76