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Net Income (Loss) Per Share
6 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
In accordance with the provisions of ASC Topic 260 (“Earnings Per Share”) basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per common share includes the dilutive effect of potential restricted and performance stock and the effects of the potential conversion of preferred shares, calculated using the treasury stock method. Unvested restricted stock and convertible preferred shares issued by the Company represent the only dilutive effect reflected in the diluted weighted average shares outstanding.
The following is a reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations for the periods presented (in thousands, except for share and per share amounts):
Three Months Ended September 30,Six Months Ended
September 30,
2024202320242023
Net income (loss) (numerator):  
Net income (loss)$2,326 $715 $6,080 $(421)
Shares (denominator):  
Weighted average number of common shares outstanding used in basic computation20,597,807 20,382,979 20,555,544 20,357,752 
Common shares issuable upon vesting of restricted stock330,885 387,351 374,492 — 
Common shares issuable upon conversion of preferred shares10,125 10,125 10,125 — 
Shares used in diluted computation20,938,817 20,780,455 20,940,161 20,357,752 
Net income (loss) per common share:
Basic$0.11 $0.04 $0.30 $(0.02)
Diluted$0.11 $0.03 $0.29 $(0.02)
For the three months ended September 30, 2024 and 2023, 661,440 and 435,558 shares issuable upon vesting of restricted stock and zero and zero shares issuable upon conversion of preferred shares, respectively, were excluded from the computation of diluted net income (loss) per common share, as their inclusion would have had an anti-dilutive effect on diluted net income (loss) per common share.
For the six months ended September 30, 2024 and 2023, 504,930 and 842,714 shares issuable upon vesting of restricted stock and zero and 10,125 shares issuable upon conversion of preferred shares, respectively, were excluded from the computation of diluted net income (loss) per common share, as their inclusion would have had an anti-dilutive effect on diluted net income (loss) per common share.