Earnings Per Share

3 Months Ended

Jun. 30, 2022

8. Earnings per Share

The following data shows the amounts used in computing earnings per share and the effect on earnings and the weighted average number of shares of dilutive potential common shares.


	Three Months Ended June 30,
(In thousands, except per share data)	2022			2021
Numerator:
Net income	$	3,039		$	1,972
Series A convertible preferred stock dividends		(459	)		(459	)
Net income attributable to common shareholders	$	2,580		$	1,513

Denominator:
Weighted average shares outstanding - basic		24,598			24,014
Dilutive SSARs		728			1,115
Dilutive unvested restricted shares		44			49
Weighted average shares outstanding - diluted		25,370			25,178

Income per share - basic:	$	0.10		$	0.06
Income per share - diluted:	$	0.10		$	0.06

Anti-dilutive SSARs, restricted shares, performance shares and preferred shares		1,797			1,735

Basic income per share is computed as net income attributable to common shareholders divided by the weighted average basic shares outstanding. The outstanding shares used to calculate the weighted average basic shares excludes 390,361 and 138,736 of restricted shares at June 30, 2022 and 2021, respectively, as these shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic income per share at the balance sheet dates.

Diluted income per share includes the effect of all potentially dilutive securities on earnings per share. We have stock-settled appreciation rights ("SSARs"), unvested restricted shares, and preferred shares that are potentially dilutive securities. When a loss is reported, the denominator of diluted earnings per share cannot be adjusted for the dilutive impact of share-based compensation grants because doing so would be anti-dilutive.