Earnings Per Common Share (Tables)

6 Months Ended

Sep. 30, 2022

Schedule of Earnings Per Share, Basic and Diluted

The following table reconciles the loss available to common shareholders (numerator) and the weighted average common stock outstanding (denominator) for both basic and diluted loss per share for the following periods:


	Three Months Ended September 30,				Six Months Ended September 30,
$ in thousands except per share data	2022		2021		2022		2021
Net loss (income)	$	(955)	$	1,084	$	(1,812)	$	(1,672)
Less: Participated securities share of undistributed earnings	—		399		—		—
Net (loss) income available to common shareholders	$	(955)	$	685	$	(1,812)	$	(1,672)

Weighted average common shares outstanding - basic	4,291,672		3,498,861		4,260,178		3,440,827
Effect of dilutive shares	—		2,014,952		—		—
Weighted average common shares outstanding – diluted	4,291,672		5,513,813		4,260,178		3,440,827

Basic (loss) income per common share	$	(0.22)	$	0.20	$	(0.43)	$	(0.49)
Diluted (loss) income per common share	(0.22)		0.19		(0.43)		(0.49)

The Company has preferred stock which are entitled to receive dividends if declared on the Company's common stock and are therefore considered to be participating securities. Basic earnings (loss) per share (“EPS”) is computed using the two class method. This calculation divides net income (loss) available to common stockholders after the allocation of undistributed earnings to the participating securities by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. These potentially dilutive shares are then included in the weighted average number of shares outstanding for the period. Dilution calculations are not applicable to net loss periods. For the three and six months ended September 30, 2022 and six months ended September 31, 2021, all restricted shares and outstanding stock options were anti-dilutive.