Quarterly report pursuant to Section 13 or 15(d)

Net Income per Common Share

v3.23.3
Net Income per Common Share
 6 Months Ended
Sep. 30, 2023
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, 2023 and 2022, respectively, are as follows:
 Three Months Ended September 30, 2023  Three Months Ended September 30, 2022 Six Months Ended September 30, 2023 Six Months Ended September 30, 2022
Basic net income per common share    
Net income $ 14,730  $ 10,984  $ 25,668  $ 17,540 
Weighted-average common shares outstanding 33,688,514  33,476,695  33,748,425  33,438,657 
Basic net income per common share $ 0.44  $ 0.33  $ 0.76  $ 0.52 
Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Six Months Ended September 30, 2023 Six Months Ended September 30, 2022
Diluted net income per common share    
Net income $ 14,730  $ 10,984  $ 25,668  $ 17,540 
Weighted-average common shares outstanding 33,688,514  33,476,695  33,748,425  33,438,657 
Common share equivalents:
Stock options 29,108  1,536  25,209  — 
Restricted and performance stock units 409,262  295,244  320,157  172,634 
Weighted average shares outstanding – dilutive (1)
34,126,884  33,773,475  34,093,791  33,611,291 
Diluted net income per common share $ 0.43  $ 0.33  $ 0.75  $ 0.52 
(1) For the three months ended September 30, 2023 and 2022, zero and 36,310, 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, 2023 and 2022 1,633 and 113,559 equity awards, respectively, 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.