Earnings Per Share

3 Months Ended

Jun. 30, 2023

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)	2023			2022
Numerator:
Net income	$	1,548		$	3,039
Series A convertible preferred stock dividends		(459	)		(459	)
Net income attributable to common shareholders	$	1,089		$	2,580

Denominator:
Weighted average shares outstanding - basic		24,936			24,598
Dilutive SSARs		1,008			728
Dilutive unvested restricted shares		231			44
Dilutive unvested restricted stock units		2			—
Weighted average shares outstanding - diluted		26,177			25,370

Income per share - basic:	$	0.04		$	0.10
Income per share - diluted:	$	0.04		$	0.10

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

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 339,956 and 390,361 of restricted shares at June 30, 2023 and 2022, 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 impact of all potentially dilutive securities on earnings per share. We have stock-settled appreciation rights (SSARs), restricted shares, restricted stock units, and preferred shares that are potentially dilutive securities.