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, 2022, 2021 and 2020, there were no stock options excluded in computing diluted EPS.

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)	2022		2021		2020
Basic EPS computation:
Numerator-net income	$	21,820	$	10,472	$	15,748
Denominator-weighted average common shares outstanding		22,213		22,296		22,708
Basic EPS	$	0.98	$	0.47	$	0.69
Diluted EPS computation:
Numerator-net income	$	21,820	$	10,472	$	15,748
Denominator-weighted average common shares outstanding		22,213		22,296		22,708
Effect of dilutive stock options		12		17		36
Weighted average common shares and common stock equivalents		22,225		22,313		22,744
Diluted EPS	$	0.98	$	0.47	$	0.69

In March 2022, the Company’s Board of Directors adopted a stock repurchase program (the “March 2022 repurchase program”). Under the March 2022 repurchase program, the Company was authorized to repurchase up to $5.0 million of the Company’s outstanding shares of common stock, in the open market, based on prevailing market prices, or in privately negotiated transactions, over a period beginning on March 21, 2022 and continuing until the earlier of the completion of the authorized level of repurchases or September 9, 2022, depending upon market conditions. As of March 31, 2022, the Company had repurchased $216,000 of shares under the March 2022 repurchase program at an average price of $7.63 per share.

In June 2021, the Company’s Board of Directors adopted a stock repurchase program (the “June 2021 repurchase program”). Under the June 2021 repurchase program, the Company was authorized to repurchase up to $5.0 million of the Company’s outstanding shares of common stock, in the open market based on prevailing market prices, or in privately negotiated transactions. The June 2021 repurchase plan was in effect from June 21, 2021 until the completion of the authorization or six months, whichever was earlier. At the conclusion of six months ending December 20, 2021, the Company had repurchased $1.7 million of shares under the June 2021 repurchase program at an average price of $6.89 per share.

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 privately 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 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.