Earnings (Loss) Per Share

9 Months Ended

Dec. 31, 2024

5. EARNINGS (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing the net income (loss) attributable to Common Stockholders, adjusted for by the deemed earnings attributable to participating common warrant holders, by the weighted average number of shares of Common Stock outstanding during the period.

Diluted net income (loss) per share is computed by dividing the net income (loss) available to Common Stockholders by the weighted-average number of common shares outstanding and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include restricted stock units, stock options and warrants outstanding during the period, and are calculated using the treasury stock method. Potentially dilutive common shares are excluded from the computations of diluted income (loss) per share if their effect would be anti-dilutive. A net loss available to Common Stockholders causes all potentially dilutive securities to be anti-dilutive and are not included.

The following table sets forth the computation of basic and diluted earnings per share and a reconciliation of the weighted average number of common and common equivalent shares outstanding for the three and nine months ended December 31, 2024:


	Three Months Ended December 31,						Nine Months Ended December 31,
	2024			2023			2024			2023
	(in thousands, except share & per share data)
Numerator:
Net income (loss) attributable to common stock holders	$	7,024		$	(2,864	)	$	2,485		$	(6,946	)
Less: earnings attributable to participating common warrant holders		(1,009	)		—			(359	)		—
Net income (loss) attributable to common stock holders - basic and diluted	$	6,015		$	(2,864	)	$	2,126		$	(6,946	)

Denominator:
Weighted average shares of common stock - basic		15,879,951			12,828,011			15,765,996			11,677,870
Effect of dilutive common stock equivalents		1,894,289			—			1,806,734			—
Weighted average shares of common stock - diluted		17,774,240			12,828,011			17,572,730			11,677,870

Earnings per share:
Basic earnings (loss) per share	$	0.38		$	(0.22	)	$	0.13		$	(0.59	)
Effect of dilutive common stock equivalents		(0.04	)		—			(0.01	)		—
Diluted earnings (loss) per share	$	0.34		$	(0.22	)	$	0.12		$	(0.59	)

The following common equivalent shares outstanding at period-end have been excluded from the computation of earnings per share, as their inclusion would have been anti-dilutive:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2024		2023		2024		2023
Options to purchase common stock		400		927		400		927
Stock appreciation rights		770,969		797,110		770,969		762,239
Warrants to purchase common stock		2,656,667		2,666,667		2,656,667		2,666,667