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Earnings Per Share
 9 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Earnings Per Share

Note 3. Earnings Per Share

The Company has granted stock compensation awards with nonforfeitable dividend rights which are considered participating securities. Earnings per share is calculated using the two-class method, as such awards are more dilutive under this method than the treasury stock method. Basic earnings per share is calculated by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period, which excludes the participating securities. Diluted earnings per share includes the dilutive effect of additional potential common shares from stock compensation awards. Earnings per share have been computed based on the following weighted average number of common shares outstanding:

 

 

 

Three months ended

December 31,

(In thousands, except

per share amounts)

 

 

Nine months ended

December 31,

(In thousands, except

per share amounts)

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

3,785

 

 

$

311

 

 

$

6,482

 

 

$

1,170

 

Less: Allocation of earnings to participating securities

 

 

(23

)

 

 

(2

)

 

 

(34

)

 

 

(6

)

Net income allocated to common stock

 

$

3,762

 

 

$

309

 

 

$

6,448

 

 

$

1,164

 

Basic earnings per share computation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income allocated to common stock

 

$

3,762

 

 

$

309

 

 

$

6,448

 

 

$

1,164

 

Weighted average common shares outstanding, including

   shares considered participating securities

 

 

7,722

 

 

 

7,970

 

 

 

7,703

 

 

 

7,901

 

Less: Weighted average participating securities outstanding

 

 

(48

)

 

 

(52

)

 

 

(41

)

 

 

(40

)

Weighted average shares of common stock

 

 

7,674

 

 

 

7,918

 

 

 

7,662

 

 

 

7,861

 

Basic earnings per share

 

$

0.49

 

 

$

0.04

 

 

$

0.84

 

 

$

0.15

 

Diluted earnings per share computation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income allocated to common stock

 

$

3,762

 

 

$

309

 

 

$

6,448

 

 

$

1,164

 

Undistributed earnings re-allocated to participating securities

 

 

23

 

 

 

2

 

 

 

34

 

 

 

6

 

Numerator for diluted earnings per share

 

$

3,785

 

 

$

311

 

 

$

6,482

 

 

$

1,170

 

Weighted average common shares outstanding for basic

   earnings per share

 

 

7,674

 

 

 

7,918

 

 

 

7,662

 

 

 

7,861

 

Incremental shares from stock options

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

Weighted average shares and dilutive potential common shares

 

 

7,674

 

 

 

7,919

 

 

 

7,662

 

 

 

7,862

 

Diluted earnings per share

 

$

0.49

 

 

$

0.04

 

 

$

0.85

 

 

$

0.15