Quarterly report pursuant to Section 13 or 15(d)

Net Income per Common Share

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Net Income per Common Share
 6 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Net Income per Common Share Net Income per Common Share
The reconciliations of the denominators used to calculate basic and diluted net income per common share for the three and six months ended September 30, 2024 and 2023, respectively, are as follows:
 Three Months Ended September 30, 2024  Three Months Ended September 30, 2023 Six Months Ended September 30, 2024 Six Months Ended September 30, 2023
Basic net income per common share    
Net income $ 9,494  $ 14,730  $ 18,005  $ 25,668 
Weighted-average common shares outstanding 33,793,583  33,688,514  33,775,253  33,748,425 
Basic net income per common share $ 0.28  $ 0.44  $ 0.53  $ 0.76 
Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Six Months Ended September 30, 2024 Six Months Ended September 30, 2023
Diluted net income per common share    
Net income $ 9,494  $ 14,730  $ 18,005  $ 25,668 
Weighted-average common shares outstanding 33,793,583  33,688,514  33,775,253  33,748,425 
Common share equivalents:
Stock options 34,090  29,108  34,090  25,209 
Restricted and performance stock units 315,730  409,262  286,706  320,157 
Weighted average shares outstanding – dilutive (1)
34,143,403  34,126,884  34,096,049  34,093,791 
Diluted net income per common share $ 0.28  $ 0.43  $ 0.53  $ 0.75 
(1) For the three months ended September 30, 2024 and 2023, zero and zero, respectively, were not included in the calculation of diluted net income per common share, as they would have had an anti-dilutive effect. For the six months ended September 30, 2024 and 2023, zero and 1,633 were not included in the calculation of diluted net income per common share, as they would have had an anti-dilutive effect.
The number of common share equivalents, which includes options and both restricted and performance stock units, is computed using the treasury stock method. With regard to the performance stock units, we assume that the associated
performance targets will be met at the target level of performance for purposes of calculating diluted net income per common share until such time that it is probable that actual performance will be above or below target.