3. NET INCOME (LOSS) PER COMMON SHARE

12 Months Ended

Mar. 31, 2021

NOTE 3 - NET INCOME (LOSS) PER COMMON SHARE

NOTE 3—NET INCOME (LOSS) PER COMMON SHARE

The Company uses the treasury stock method to calculate the weighted average shares used in computing diluted net income (loss) per share. The following table sets forth the computation of basic and diluted net income (loss) per share:


	Year Ended March 31,
	2021		2020		2019
	(In thousands, except per share amounts)
Net income (loss)	$	(21,505)	$	(10,337)	$	163

Denominators:
Weighted average shares—Basic		23,671		22,968		21,889
Dilutive effect of employee stock options		—		—		1,453
Dilutive effect of employee stock purchase plan options		—		—		7
Weighted average shares—Dilutive		23,671		22,968		23,349
Net income (loss) per common share—Basic	$	(0.91)	$	(0.45)	$	0.01
Net income (loss) per common share—Diluted	$	(0.91)	$	(0.45)	$	0.01

The following shares of common stock (determined on a weighted average basis) were excluded from the computation of diluted net income (loss) per common share as they had an anti-dilutive effect:


	Year Ended March 31,
	2021	2020	2019
	(In thousands)
Shares underlying options and ESPP shares	4,607	3,914	2,108