XML 25 R15.htm IDEA: XBRL DOCUMENT v3.21.4
Earnings Per Share
 9 Months Ended
Dec. 31, 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

December 31,

 

 

Nine Months Ended

December 31,

 

(In thousands, except per share data)

2021

 

 

2020

 

 

2021

 

 

2020

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

1,542

 

 

$

(2,070

)

 

$

4,496

 

 

$

3,280

 

Series A convertible preferred stock issuance costs

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,031

)

Series A convertible preferred stock dividends

 

(459

)

 

 

(459

)

 

 

(1,377

)

 

 

(1,117

)

Net income (loss) attributable to common shareholders

$

1,083

 

 

$

(2,529

)

 

$

3,119

 

 

$

1,132

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

24,477

 

 

 

23,429

 

 

 

24,315

 

 

 

23,419

 

Dilutive SSARs

 

826

 

 

 

—

 

 

 

943

 

 

 

377

 

Dilutive unvested restricted shares

 

89

 

 

 

—

 

 

 

69

 

 

 

107

 

Weighted average shares outstanding - diluted

 

25,392

 

 

 

23,429

 

 

 

25,327

 

 

 

23,903

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) per share - basic:

$

0.04

 

 

$

(0.11

)

 

$

0.13

 

 

$

0.05

 

Income (loss) per share - diluted:

$

0.04

 

 

$

(0.11

)

 

$

0.12

 

 

$

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anti-dilutive SSARs, restricted shares and preferred shares

 

1,764

 

 

 

4,513

 

 

 

1,736

 

 

 

2,692

 

 

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 231,199 and 204,009 of restricted shares at December 31, 2021 and 2020, 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 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.