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Income (Loss) Per Share
6 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Income (Loss) Per Share

9. Income (Loss) per Share

The following data shows the amounts used in computing income (loss) 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)

2020

 

 

2019

 

 

2020

 

 

2019

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

5,867

 

 

$

(2,918

)

 

$

5,350

 

 

$

(4,493

)

Series A convertible preferred stock issuance costs

 

(94

)

 

 

 

 

 

(1,031

)

 

 

 

Series A convertible preferred stock dividends

 

(459

)

 

 

 

 

 

(658

)

 

 

 

Net income (loss) attributable to common shareholders

$

5,314

 

 

$

(2,918

)

 

$

3,661

 

 

$

(4,493

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

23,424

 

 

 

23,238

 

 

 

23,415

 

 

 

23,225

 

Dilutive SSARs

 

342

 

 

 

 

 

 

329

 

 

 

 

Dilutive unvested restricted shares

 

100

 

 

 

 

 

 

105

 

 

 

 

Weighted average shares outstanding - diluted

 

23,866

 

 

 

23,238

 

 

 

23,849

 

 

 

23,225

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) per share - basic:

$

0.23

 

 

$

(0.13

)

 

$

0.16

 

 

$

(0.19

)

Income (loss) per share - diluted:

$

0.22

 

 

$

(0.13

)

 

$

0.15

 

 

$

(0.19

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anti-dilutive stock options, SSARs, restricted shares,

   performance shares and preferred shares

 

2,415

 

 

 

1,494

 

 

 

2,418

 

 

 

1,386

 

 

Basic income (loss) per share is computed as net income (loss) attributable to common shareholders divided by the weighted average basic shares outstanding. The outstanding shares used to calculate the weighted average basic shares excludes 161,042 and 418,854 of restricted shares at September 30, 2020 and 2019, respectively, as these shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic income (loss) 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"), unvested restricted shares, unvested performance 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 awards because doing so would be anti-dilutive.