Net (Loss) Income Per Share

9 Months Ended

Dec. 31, 2025

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,
	2025		2024		2025		2024
Net (loss) income (numerator):
Net (loss) income	$	(10,553)	$	(707)	$	(53,225)	$	5,373

Shares (denominator):
Weighted average number of common shares outstanding used in basic computation	21,008,521		20,634,651		20,884,822		20,581,913
Common shares issuable upon vesting of restricted stock	—		—		—		395,222
Common shares issuable upon conversion of preferred shares	—		—		—		10,125
Weighted average number of common shares outstanding used in diluted computation	21,008,521		20,634,651		20,884,822		20,987,260

Net (loss) income per common share:

Basic	$	(0.50)	$	(0.03)	$	(2.55)	$	0.26
Diluted	$	(0.50)	$	(0.03)	$	(2.55)	$	0.26

For the three months ended December 31, 2025 and 2024, 577,569 and 986,378 shares issuable upon vesting of restricted stock and 10,125 and 10,125 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, 2025 and 2024, 671,972 and 519,852 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.