Earnings Per Share

6 Months Ended

Sep. 30, 2024

Note 5. 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. Ordinarily, 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. The Company's participating securities are non-vested restricted shares which are not required to share losses, and accordingly, are not allocated losses in periods of net loss. Dilutive earnings per share are calculated by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period which includes the dilutive effect of additional potential common shares from stock compensation awards. In a period of loss, the weighted-average number of common shares outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive. Therefore, in periods when a loss is reported, basic and dilutive loss per share are the same. In accordance with ASC 480-10-S99-3A, as the Company's redeemable noncontrolling interest is redeemable at an amount other than fair value, the Company has made an accounting policy election to reflect the entire adjustment to the carrying value as a deemed dividend. For the three and six months ended September 30, 2024, the change in the redemption amount was deemed immaterial and no adjustment was made to the numerator for calculating earnings per share. For the three and six months ended September 30, 2024 and 2023, potentially dilutive securities that were not included in the diluted net loss per share calculation because they would be anti-dilutive comprise 5 thousand and 10 thousand shares from options to purchase common shares, respectively.

Loss and income per share has been computed based on the following weighted average number of common shares outstanding:


	Three Months Ended September 30,						Six Months Ended September 30,
	(In thousands, except per share amounts)
	2024			2023			2024			2023
Numerator
Net loss from continuing operations attributable to common shareholders	$	(1,252	)	$	(1,658	)	$	(6,589	)	$	(3,146	)
Net income (loss) from discontinued operations attributable to common shareholders		801			(8,827	)		2,860			(5,783	)
Net loss per consolidated statements of income attributable to common shareholders	$	(451	)	$	(10,485	)	$	(3,729	)	$	(8,929	)

Denominator
Denominator for basic loss per share - weighted-average shares outstanding		6,654			7,286			6,701			7,288
Dilutive effect of stock options		5			-			5			-
Denominator for diluted earnings per share from discontinued operations		6,659			7,286			6,706			7,288

Per share loss from continuing operations attributable to common shareholders
Basic	$	(0.19	)	$	(0.23	)	$	(0.98	)	$	(0.43	)
Diluted		(0.19	)		(0.23	)		(0.98	)		(0.43	)

Per share income (loss) from discontinued operations attributable to common shareholders
Basic	$	0.12		$	(1.21	)	$	0.43		$	(0.79	)
Diluted		0.12			(1.21	)		0.43			(0.79	)

Per share loss income available to common stockholders
Basic	$	(0.07	)	$	(1.44	)	$	(0.56	)	$	(1.23	)
Diluted		(0.07	)		(1.44	)		(0.56	)		(1.23	)