Earnings Per Common Share (Tables)

9 Months Ended

Dec. 31, 2023

Schedule of Earnings Per Share, Basic and Diluted

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


	Three Months Ended December 31,				Nine Months Ended December 31,
$ in thousands except per share data	2023		2022		2023		2022
Net income (loss)	$	19	$	(1,089)	$	(2,988)	$	(2,901)
Less: Participated securities share of undistributed earnings	4		—		—		—
Net income (loss) available to common shareholders	$	15	$	(1,089)	$	(2,988)	$	(2,901)

Weighted average common shares outstanding - basic	5,002,290		4,294,871		4,771,706		4,271,743
Effect of dilutive shares	1,417,536		—		—		—
Weighted average common shares outstanding – diluted	6,419,826		4,294,871		4,771,706		4,271,743

Basic earnings (loss) per common share	$	—	$	(0.25)	$	(0.63)	$	(0.68)
Diluted earnings (loss) per common share	—		(0.25)		(0.63)		(0.68)

The Company has preferred shares 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 nine months ended December 31, 2023, and the three and nine months ended December 31, 2022, all restricted shares and outstanding stock options were anti-dilutive.