Net (Loss) Income Per Share

12 Months Ended

Mar. 31, 2024

In accordance with the provisions of ASC Topic 260 (“Earnings Per Share”) basic net (loss) 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 (loss) 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 diluted weighted average shares outstanding.

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


	Year Ended March 31,
	2024		2023		2022
Net (loss) income (numerator):

Net (loss) income	$	(7,464)	$	5,140	$	18,716

Shares (denominator)

Weighted average number of common shares outstanding used in basic computation	20,395,959		20,274,786		20,175,930
Common shares issuable upon the vesting of restricted stock	—		54,091		171,765
Common shares issuable upon conversion of preferred shares	—		10,125		10,125
Shares used in diluted computation	20,395,959		20,339,002		20,357,820

Net (loss) income per common share:

Basic	$	(0.37)	$	0.25	$	0.93
Diluted	$	(0.37)	$	0.25	$	0.92

At March 31, 2024, 2023, and 2022, 827,863, 745,854, and 220,727 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 loss)/net income per common share.