Net Income (Loss) Per Share

3 Months Ended

Jun. 30, 2024

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 income (loss) per share computations for the periods presented (in thousands, except for share and per share amounts):


	Three Months Ended June 30,
	2024		2023
			(as restated)
Net income (loss) (numerator):
Net income (loss)	$	3,754	$	(1,136)

Shares (denominator):
Weighted average number of common shares outstanding used in basic computation	20,513,281		20,332,526
Common shares issuable upon vesting of restricted stock	418,099		—
Common shares issuable upon conversion of preferred shares	10,125		—
Shares used in diluted computation	20,941,505		20,332,526

Net income (loss) per common share:

Basic	$	0.18	$	(0.06)
Diluted	$	0.18	$	(0.06)

For the three months ended June 30, 2024 and 2023, zero and 862,519 shares issuable upon vesting of restricted stock and zero and 10,125 shares issuable upon conversion of preferred shares, respectively, were excluded from the computation of diluted net income (loss) per common share, as their inclusion would have had an anti-dilutive effect on diluted net income (loss) per common share.