Earnings Per Share

6 Months Ended

Sep. 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 September 30,						Six Months Ended September 30,
(In thousands, except per share data)	2023			2022			2023			2022
Numerator:
Net income	$	4,545		$	3,576		$	6,093		$	6,615
Series A convertible preferred stock dividends		(459	)		(459	)		(918	)		(918	)
Net income attributable to common shareholders	$	4,086		$	3,117		$	5,175		$	5,697

Denominator:
Weighted average shares outstanding - basic		25,022			24,652			24,979			24,625
Dilutive SSARs		919			992			964			881
Dilutive unvested restricted shares		171			139			201			85
Dilutive unvested restricted stock units		5			—			4			—
Weighted average shares outstanding - diluted		26,117			25,783			26,148			25,591

Income per share - basic:	$	0.16		$	0.13		$	0.21		$	0.23
Income per share - diluted:	$	0.16		$	0.12		$	0.20		$	0.22

Anti-dilutive SSARs, restricted shares, performance shares and preferred shares		1,735			1,735			1,735			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 326,290 and 377,491 of restricted

shares at September 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.