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Note 3 - Net Income Per Share

9 Months Ended

Dec. 31, 2021

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,
		2021				2020				2021				2020
Net income (numerator):
Net income		$	4,257			$	7,611			$	15,034			$	23,791
Shares (denominator):
Weighted average number of common shares outstanding used in basic computation			20,208				20,094				20,165				20,047
Common shares issuable upon vesting of restricted stock			111				-				190				43
Common shares issuable upon conversion of preferred shares			10				10				10				10
Shares used in diluted computation			20,329				20,104				20,365				20,100
Net income per common share:
Basic		$	0.21			$	0.38			$	0.75			$	1.19
Diluted		$	0.21			$	0.38			$	0.74			$	1.18

For the three and nine months ended December 31, 2021, 205,219 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, 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.