10 NET INCOME (LOSS) PER SHARE

3 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

10 NET INCOME (LOSS) PER SHARE

10.   NET INCOME (LOSS) PER SHARE

A reconciliation of net income and weighted average shares used in computing basic and diluted net income per share is as follows:

	Three Months Ended June 30,
	2015		2014
	(In Thousands, Except Per Share Data)
Basic net income (loss) per share:
Net income (loss) applicable to common shares	$	111	$	408
Weighted average common shares outstanding		11,055		9,992
Basic net income (loss) per share of common stock	$	0.01	$	0.04
Diluted net income (loss) per share:
Net income (loss) applicable to common shares	$	111	$	408
Weighted average common shares outstanding		11,055		9,992
Dilutive effects of convertible debt, stock options and warrants		5,611		-
Weighted average common shares, assuming dilutive effect of stock options		16,666		9,992
Diluted net income (loss) per share of common stock	$	0.01	$	0.04

Share-based awards, inclusive of all grants made under the Company's equity plans, for which either the stock option exercise price or the fair value of the restricted share award exceeds the average market price over the period, have an anti-dilutive effect on earnings per share, and accordingly, are excluded from the diluted computations for all periods presented.

As of June 30, 2015, there were approximately one hundred thousand share-based awards outstanding, respectively, under the Company's equity plans. Following the closing of the Merger and the Private Placement, the Board approved the grant of stock options to purchase a total of 100,000 shares of our restricted stock units, consisting of initial grants of stock options to purchase 25,000 shares of restricted stock units to each of the four independent directors. The stock options vest on the first anniversary of the grant date and are exercisable at $2.00 per share, which is in excess of the intrinsic common stock price per share in the Private Placement.