Earnings Per Share

9 Months Ended

Dec. 31, 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 December 31,						Nine Months Ended December 31,
(In thousands, except per share data)	2022			2021			2022			2021
Numerator:
Net income	$	3,892		$	1,542		$	10,507		$	4,496
Series A convertible preferred stock dividends		(459	)		(459	)		(1,377	)		(1,377	)
Net income attributable to common shareholders	$	3,433		$	1,083		$	9,130		$	3,119

Denominator:
Weighted average shares outstanding - basic		24,703			24,477			24,651			24,315
Dilutive SSARs		1,149			826			996			943
Dilutive unvested restricted shares		218			89			133			69
Weighted average shares outstanding - diluted		26,070			25,392			25,780			25,327

Income per share - basic:	$	0.14		$	0.04		$	0.37		$	0.13
Income per share - diluted:	$	0.13		$	0.04		$	0.35		$	0.12

Anti-dilutive SSARs, restricted shares, performance shares and preferred shares		1,736			1,764			1,751			1,736

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 459,306 and 231,199 of restricted shares at December 31, 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.