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EARNINGS PER SHARE

9 Months Ended

Dec. 31, 2021

EARNINGS PER SHARE

EARNINGS PER SHARE

4. 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 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 three and nine months ended December 31, 2021 and 2020, there were no stock options excluded in computing diluted EPS.

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 could 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 private negotiated transactions, during the period from June 21, 2021 until December 21, 2021. Under the June 2021 repurchase program, a total of 249,908 shares were repurchased at a total cost of $1.7 million and an average price per share of $6.89.

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


		Three Months Ended December 31,						Nine Months Ended December 31,
		2021			2020			2021			2020
Basic EPS computation:
Numerator-net income		$	5,510,000		$	4,035,000		$	17,695,000		$	7,058,000
Denominator-weighted average common shares outstanding			22,166,130			22,320,699			22,229,832			22,279,774
Basic EPS		$	0.25		$	0.18		$	0.80		$	0.32
Diluted EPS computation:
Numerator-net income		$	5,510,000		$	4,035,000		$	17,695,000		$	7,058,000
Denominator-weighted average common shares outstanding			22,166,130			22,320,699			22,229,832			22,279,774
Effect of dilutive stock options			10,990			16,945			12,203			17,053
Weighted average common shares and common stock equivalents			22,177,120			22,337,644			22,242,035			22,296,827
Diluted EPS		$	0.25		$	0.18		$	0.80		$	0.32