Net (Loss) Income Per Share

9 Months Ended

Dec. 31, 2023

In accordance with the provisions of 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 and performance 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 (loss) income per share computations for the periods presented (in thousands, except for share and per share amounts):


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
			(as restated)				(as restated)
Net (loss) income (numerator):
Net (loss) income	$	(2,027)	$	(212)	$	(2,448)	$	5,356

Shares (denominator):
Weighted average number of common shares outstanding used in basic computation	20,425,282		20,301,384		20,380,262		20,257,145
Common shares issuable upon vesting of restricted stock	—		—		—		71,794
Common shares issuable upon conversion of preferred shares	—		—		—		10,125
Shares used in diluted computation	20,425,282		20,301,384		20,380,262		20,339,064

Net (loss) income per common share:

Basic	$	(0.10)	$	(0.01)	$	(0.12)	$	0.26
Diluted	$	(0.10)	$	(0.01)	$	(0.12)	$	0.26

For the three months ended December 31, 2023 and 2022, 825,825 and 243,604 shares issuable upon vesting of restricted stock and 10,125 and zero shares issuable upon conversion of preferred shares, respectively, were excluded from the computation of diluted net (loss) income per common share, as their inclusion would have had an anti-dilutive effect on diluted net (loss) income per common share. For the nine months ended December 31, 2023 and 2022, 837,084 and 243,604 shares issuable upon vesting of restricted stock and 10,125 and zero shares issuable upon conversion of preferred shares, respectively, were excluded from the computation of diluted net (loss) income per common share, as their inclusion would have had an anti-dilutive effect on diluted net (loss) income per common share.