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Earnings Per Share
 6 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Earnings Per Share

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)

2021

 

 

2020

 

 

2021

 

 

2020

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

982

 

 

$

5,867

 

 

$

2,954

 

 

$

5,350

 

Series A convertible preferred stock issuance costs

 

—

 

 

 

(94

)

 

 

—

 

 

 

(1,031

)

Series A convertible preferred stock dividends

 

(459

)

 

 

(459

)

 

 

(918

)

 

 

(658

)

Net income attributable to common shareholders

$

523

 

 

$

5,314

 

 

$

2,036

 

 

$

3,661

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

24,451

 

 

 

23,424

 

 

 

24,233

 

 

 

23,415

 

Dilutive SSARs

 

892

 

 

 

342

 

 

 

1,005

 

 

 

329

 

Dilutive unvested restricted shares

 

66

 

 

 

100

 

 

 

58

 

 

 

105

 

Weighted average shares outstanding - diluted

 

25,409

 

 

 

23,866

 

 

 

25,296

 

 

 

23,849

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per share - basic:

$

0.02

 

 

$

0.23

 

 

$

0.08

 

 

$

0.16

 

Income per share - diluted:

$

0.02

 

 

$

0.22

 

 

$

0.08

 

 

$

0.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anti-dilutive SSARs, restricted shares and preferred shares

 

1,735

 

 

 

2,415

 

 

 

1,735

 

 

 

2,418

 

 

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 139,332 and 161,042 of restricted shares at September 30, 2021 and 2020, 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 effect of all potentially dilutive securities on earnings per share. We have stock-settled appreciation rights ("SSARs"), unvested restricted 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 grants because doing so would be anti-dilutive.