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Net Income Per Share
 6 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Net Income Per Share 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 September 30,Six Months Ended
September 30,
2022202120222021
Net income (numerator):  
Net income$2,579 $6,349 $5,354 $10,777 
Shares (denominator):  
Weighted average number of common shares outstanding used in basic computation20,261 20,178 20,235 20,144 
Common shares issuable upon vesting of restricted stock73 380 73 230 
Common shares issuable upon conversion of preferred shares10 10 10 10 
Shares used in diluted computation20,344 20,568 20,318 20,384 
Net income per common share:
Basic$0.13 $0.31 $0.26 $0.53 
Diluted$0.13 $0.31 $0.26 $0.53 
For the three and six months ended September 30, 2022 and 2021, 261,228 and 115,219 shares of common restricted stock, respectively, 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.