Earnings Per Share

9 Months Ended

Dec. 31, 2021

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)
	2021			2020			2021			2020
Numerator
Net income per consolidated statements of income	$	(702	)	$	3,785		$	2,630		$	6,482
Percentage allocated to shareholders *		99.5	%		99.4	%		99.5	%		99.5	%
Numerator for basic and diluted earnings per share	$	(699	)	$	3,761		$	2,617		$	6,447

Denominator
Denominator for Basic earnings per share - weighted-average shares outstanding		7,621			7,674			7,593			7,662
Dilutive effect of stock options		—			—			—			—
Denominator for diluted earnings per share		7,621			7,674			7,593			7,662

Per share income from continuing operations
Basic	$	(0.09	)	$	0.49		$	0.34		$	0.84
Diluted		(0.09	)		0.49			0.34			0.85

* Basic weighted-average shares outstanding		7,621			7,674			7,593			7,662
Basic weighted-average shares outstanding and unvested restricted stock units expected to vest		7,658			7,722			7,630			7,703
Percentage allocated to shareholders		99.5	%		99.4	%		99.5	%		99.5	%