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Earnings Per Share
 12 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share

12. 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.

 

 

Year Ended March 31,

 

(In thousands, except per share data)

2023

 

 

2022

 

 

2021

 

Numerator:

 

 

 

 

 

 

 

 

Net income (loss)

$

14,582

 

 

$

6,478

 

 

$

(21,001

)

Series A convertible preferred stock issuance costs

 

—

 

 

 

—

 

 

 

(1,031

)

Series A convertible preferred stock dividends

 

(1,836

)

 

 

(1,836

)

 

 

(1,576

)

Net income (loss) attributable to common shareholders

$

12,746

 

 

$

4,642

 

 

$

(23,608

)

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

24,694

 

 

 

24,357

 

 

 

23,458

 

Dilutive SSARs

 

1,059

 

 

 

1,063

 

 

 

—

 

Dilutive RSUs

 

—

 

 

 

—

 

 

 

—

 

Dilutive unvested restricted shares

 

176

 

 

 

63

 

 

 

—

 

Weighted average shares outstanding - diluted

 

25,929

 

 

 

25,483

 

 

 

23,458

 

 

 

 

 

 

 

 

 

 

Income (loss) per share - basic:

$

0.52

 

 

$

0.19

 

 

$

(1.01

)

Income (loss) per share - diluted:

$

0.49

 

 

$

0.18

 

 

$

(1.01

)

 

 

 

 

 

 

 

 

 

Anti-dilutive stock options, SSARs, restricted shares, restricted stock units,
   performance shares and preferred shares

 

1,741

 

 

 

1,736

 

 

 

4,228

 

 

Basic income (loss) per share is computed as net income available to common shareholders divided by the weighted average basic shares outstanding. The outstanding shares used to calculate the weighted average basic shares excludes 407,324, 147,973 and 132,198 of restricted shares and performance shares at March 31, 2023, 2022 and 2021, respectively, as these shares were issued but were not vested and, therefore, not considered outstanding for purposes of computing basic earnings per share at the balance sheet dates.

Diluted income (loss) per share includes the effect of all potentially dilutive securities on earnings per share. We have stock-settled appreciation rights (SSARs), restricted stock units, and unvested restricted 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 awards because doing so would be anti-dilutive.