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Earnings per Share
 12 Months Ended
Mar. 31, 2024
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)

2024

 

 

2023

 

 

2022

 

Numerator:

 

 

 

 

 

 

 

 

Net income

$

86,195

 

 

$

14,582

 

 

$

6,478

 

Series A convertible preferred stock dividends

 

(1,204

)

 

 

(1,836

)

 

 

(1,836

)

Net income attributable to common shareholders

$

84,991

 

 

$

12,746

 

 

$

4,642

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

25,668

 

 

 

24,694

 

 

 

24,357

 

Dilutive SSARs

 

929

 

 

 

1,059

 

 

 

1,063

 

Dilutive RSUs

 

10

 

 

 

—

 

 

 

—

 

Dilutive unvested restricted shares

 

234

 

 

 

176

 

 

 

63

 

Weighted average shares outstanding - diluted

 

26,842

 

 

 

25,929

 

 

 

25,483

 

 

 

 

 

 

 

 

 

 

Income per share - basic:

$

3.31

 

 

$

0.52

 

 

$

0.19

 

Income per share - diluted:

$

3.17

 

 

$

0.49

 

 

$

0.18

 

 

 

 

 

 

 

 

 

 

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

 

175

 

 

 

1,741

 

 

 

1,736

 

 

Basic income 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 436,177, 407,324 and 147,973 of restricted shares at March 31, 2024, 2023 and 2022, 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 per share includes the effect of all potentially dilutive securities on earnings per share. We have stock-settled appreciation rights (SSARs), unvested restricted shares, restricted stock units, employee stock purchase plan (ESPP) shares, and performance 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.