NET INCOME (LOSS PER) COMMON SHARE

9 Months Ended

Dec. 31, 2025

NOTE 11 — NET INCOME (LOSS PER) COMMON SHARE

Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding for the period and does not consider common stock equivalents.

Diluted net income (loss) per common share reflects the dilution that would occur if restricted shares were vested. In the computation of diluted net income (loss) per common share, Orion uses the treasury stock method for outstanding options and restricted shares. Net income (loss) per common share is calculated based upon the following shares:


	For the Three Months Ended December 31,					For the Nine Months Ended December 31,
	2025		2024			2025			2024
Numerator:
Net income (loss) (in thousands)	$	160	$	(1,508	)	$	(1,665	)	$	(8,890	)
Denominator:
Weighted-average common shares outstanding		3,540,765		3,292,332			3,457,481			3,278,711
Weighted-average common shares and common share equivalents outstanding		3,637,008		3,292,332			3,457,481			3,278,711
Net income (loss) per common share:
Basic	$	0.05	$	(0.46	)	$	(0.48	)	$	(2.71	)
Diluted	$	0.04	$	(0.46	)	$	(0.48	)	$	(2.71	)

The following table indicates the number of potentially dilutive securities included in the calculation of Diluted net income (loss) per common share. The number of shares is as of the end of each period:


	For the Three Months Ended December 31,				For the Nine Months Ended December 31,
	2025		2024		2025		2024
Time-Based Restricted shares		101,813		132,956		101,813		132,956
Performance-Based Restricted shares		80,161		152,994		80,161		152,994
Time-Based Non-Qualified Stock Option		26,555		—		26,555		—
Performance-Based Non-Qualified Stock Option		50,000		—		50,000		—
Total		258,529		285,949		258,529		285,949