XML 20 R9.htm IDEA: XBRL DOCUMENT v3.21.2
Earnings Per Share
 6 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Earnings Per Share

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
September 30,
(In thousands, except
per share amounts)

 

 

Six months ended
September 30,
(In thousands, except
per share amounts)

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

 Net income per consolidated statements of income

 

$

1,603

 

 

$

1,267

 

 

$

3,332

 

 

$

2,697

 

 Percentage allocated to shareholders *

 

 

100

%

 

 

99

%

 

 

100

%

 

 

99

%

Numerator for basic and diluted earnings per share

 

$

1,596

 

 

$

1,260

 

 

$

3,319

 

 

$

2,682

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

 Denominator for Basic earnings per share - weighted-average shares outstanding

 

 

7,620

 

 

 

7,731

 

 

 

7,622

 

 

 

7,722

 

 Dilutive effect of stock options

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Denominator for diluted earnings per share

 

 

7,620

 

 

 

7,731

 

 

 

7,622

 

 

 

7,722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.21

 

 

$

0.16

 

 

$

0.44

 

 

$

0.34

 

Diluted

 

 

0.21

 

 

 

0.16

 

 

 

0.44

 

 

 

0.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Basic weighted-average shares outstanding

 

 

7,620

 

 

 

7,731

 

 

 

7,622

 

 

 

7,722

 

   Basic weighted-average shares outstanding and unvested restricted stock units expected to vest

 

 

7,652

 

 

 

7,777

 

 

 

7,651

 

 

 

7,766

 

Percentage allocated to shareholders

 

 

100

%

 

 

99

%

 

 

100

%

 

 

99

%