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Note 3 - Net Income Per Share
 9 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 3:

Net Income Per Share

 

In accordance with the provisions of Accounting Standards Codification (ASC) Topic 260 (“Earnings Per Share”) basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per common share includes the dilutive effect of potential restricted stock and the effects of the potential conversion of preferred shares, calculated using the treasury stock method. Unvested restricted stock and convertible preferred shares issued by the Company represent the only dilutive effect reflected in the diluted weighted average shares outstanding.

 

The following is a reconciliation of the numerators and denominators of the basic and diluted net income per share computations for the periods presented (in thousands, except for per share amounts):

 

  

Three Months Ended
December 31,

  

Nine Months Ended
December 31,

 
  

2020

  

2019

  

2020

  

2019

 

Net income (numerator):

                

Net income

 $7,611  $6,840  $23,791  $18,848 

Shares (denominator):

                

Weighted average number of common shares outstanding used in basic computation

  20,094   19,984   20,047   20,060 

Common shares issuable upon vesting of restricted stock

  -   -   43   1 

Common shares issuable upon conversion of preferred shares

  10   10   10   10 

Shares used in diluted computation

  20,104   19,994   20,100   20,071 

Net income per common share:

                

Basic

 $0.38  $0.34  $1.19  $0.94 

Diluted

 $0.38  $0.34  $1.18  $0.94 

 

 

For the three and nine months ended December 31, 2020, 130,326 shares of common restricted stock were excluded from the computations of diluted net income per common share, as their inclusion would have had an anti-dilutive effect on diluted net income per common share. For the three and nine months ended December 31, 2019, 72,120 shares of common restricted stock were excluded from the computations of diluted net income per common share, as their inclusion would have had an anti-dilutive effect on diluted net income per common share.